https://www.taxtmi.com/caselaws?id=457122 The ITAT Hyderabad ruled in favor of the assessee, allowing appeals for statistical purposes. It directed the Ld. AO to verify if unutilized borrowed funds were deposited as fixed deposits, permitting deduction under section 57(iii) of the Act. For surplus funds, it required verification of whether interest-bearing or surplus funds were used, impacting deduction eligibility. en-us Thu, 18 Feb 2021 00:00:00 +0530 Fri, 06 Sep 2024 20:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457122 The ITAT Hyderabad ruled in favor of the assessee, allowing appeals for statistical purposes. It directed the Ld. AO to verify if unutilized borrowed funds were deposited as fixed deposits, permitting deduction under section 57(iii) of the Act. For surplus funds, it required verification of whether interest-bearing or surplus funds were used, impacting deduction eligibility. Case-Laws Income Tax Thu, 18 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457122