https://www.taxtmi.com/caselaws?id=763505 ITAT Ahmedabad allowed partial deduction under section 57 for interest expenses. The tribunal established nexus between loans from SBH and PNB totaling Rs. 5 crore advanced to earn interest income from Tripoli Management. Assessee entitled to claim interest deduction of Rs. 36,58,096 for period 20/06/2016 to 31/03/2017. Matter remanded to AO for verification of interest calculation. However, separate deduction claim for LIC policy loan interest was rejected as the loan amount was already considered in the Rs. 5 crore transfer. Appeal partly allowed for statistical purposes. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:49:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763505 ITAT Ahmedabad allowed partial deduction under section 57 for interest expenses. The tribunal established nexus between loans from SBH and PNB totaling Rs. 5 crore advanced to earn interest income from Tripoli Management. Assessee entitled to claim interest deduction of Rs. 36,58,096 for period 20/06/2016 to 31/03/2017. Matter remanded to AO for verification of interest calculation. However, separate deduction claim for LIC policy loan interest was rejected as the loan amount was already considered in the Rs. 5 crore transfer. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763505