https://www.taxtmi.com/caselaws?id=36562 The High Court upheld the Tribunal's decision to disallow the deduction claimed under section 19(ii) of the Income Tax Act, emphasizing the necessity of establishing a direct link between borrowed funds and investments for interest deduction. The Court rejected the attempt to revive the claim under section 80P(2)(a)(i) as it was not raised at the Tribunal level. The assessee was directed to bear the costs of the reference to the Commissioner, and the court ruled in favor of the revenue on the matter. en-us Wed, 06 Aug 1980 00:00:00 +0530 Tue, 23 Mar 2010 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36562 The High Court upheld the Tribunal's decision to disallow the deduction claimed under section 19(ii) of the Income Tax Act, emphasizing the necessity of establishing a direct link between borrowed funds and investments for interest deduction. The Court rejected the attempt to revive the claim under section 80P(2)(a)(i) as it was not raised at the Tribunal level. The assessee was directed to bear the costs of the reference to the Commissioner, and the court ruled in favor of the revenue on the matter. Case-Laws Income Tax Wed, 06 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36562