https://www.taxtmi.com/caselaws?id=309374 The Tribunal upheld the decision of the CIT(A) to disallow interest expenditure against interest income earned from other sources for the assessment year 2008-09. It was held that there must be a clear nexus between expenditure and income under section 57(iii) of the IT Act. The Tribunal clarified that expenditure related to acquiring shares with tax-free income cannot be set off against interest income from other sources, as per section 14A. The appeal was dismissed, confirming the disallowance of the interest expenditure. en-us Wed, 30 Oct 2013 00:00:00 +0530 Tue, 29 Aug 2023 12:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309374 The Tribunal upheld the decision of the CIT(A) to disallow interest expenditure against interest income earned from other sources for the assessment year 2008-09. It was held that there must be a clear nexus between expenditure and income under section 57(iii) of the IT Act. The Tribunal clarified that expenditure related to acquiring shares with tax-free income cannot be set off against interest income from other sources, as per section 14A. The appeal was dismissed, confirming the disallowance of the interest expenditure. Case-Laws Income Tax Wed, 30 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309374