https://www.taxtmi.com/caselaws?id=456810 ITAT Mumbai upheld CIT(A)'s decision allowing interest on fixed deposits as business income rather than income from other sources, finding established business nexus as FDs were used as margin for business loans. The tribunal also upheld deletion of disallowance for interest-bearing funds diverted to subsidiaries as interest-free loans, determining business expediency was established since funds were granted for business purposes and land development. Both appeals by revenue were dismissed. en-us Fri, 11 Dec 2020 00:00:00 +0530 Fri, 16 Aug 2024 20:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456810 ITAT Mumbai upheld CIT(A)'s decision allowing interest on fixed deposits as business income rather than income from other sources, finding established business nexus as FDs were used as margin for business loans. The tribunal also upheld deletion of disallowance for interest-bearing funds diverted to subsidiaries as interest-free loans, determining business expediency was established since funds were granted for business purposes and land development. Both appeals by revenue were dismissed. Case-Laws Income Tax Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456810