https://www.taxtmi.com/caselaws?id=760147 Interest paid on borrowed funds used for lending to the same borrower was held deductible against interest income assessed under the head "income from other sources" under section 57(iii) of the Income-tax Act, 1961. The one-to-one nexus between the borrowing and the lending had already been accepted in the preceding assessment year on the same factual matrix, and the current year involved the same transaction pattern with only a different amount. On that basis, the assessee was not required to re-establish the nexus again, and the interest expenditure remained allowable. en-us Thu, 10 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760147 Interest paid on borrowed funds used for lending to the same borrower was held deductible against interest income assessed under the head "income from other sources" under section 57(iii) of the Income-tax Act, 1961. The one-to-one nexus between the borrowing and the lending had already been accepted in the preceding assessment year on the same factual matrix, and the current year involved the same transaction pattern with only a different amount. On that basis, the assessee was not required to re-establish the nexus again, and the interest expenditure remained allowable. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760147