https://www.taxtmi.com/caselaws?id=442697 The assessee's claims for interest expenses under section 57 of the Income-tax Act, 1961 were disallowed by the Assessing Officer for failing to prove the expenses were incurred for earning income. The disallowance was upheld regarding the nexus between borrowed funds and fixed deposits. However, the Tribunal found merit in the alternate claim for interest expenses as business expenditure, remitting the issue for reconsideration by the Assessing Officer. The appeals for A.Y. 2017-18 and 2018-19 were allowed for statistical purposes, with directions for reassessment based on the Tribunal's findings. en-us Mon, 28 Aug 2023 00:00:00 +0530 Thu, 07 Sep 2023 22:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442697 The assessee's claims for interest expenses under section 57 of the Income-tax Act, 1961 were disallowed by the Assessing Officer for failing to prove the expenses were incurred for earning income. The disallowance was upheld regarding the nexus between borrowed funds and fixed deposits. However, the Tribunal found merit in the alternate claim for interest expenses as business expenditure, remitting the issue for reconsideration by the Assessing Officer. The appeals for A.Y. 2017-18 and 2018-19 were allowed for statistical purposes, with directions for reassessment based on the Tribunal's findings. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442697