https://www.taxtmi.com/caselaws?id=459915 ITAT Jodhpur allowed the assessee's appeal regarding disallowance of interest expenses and car-related expenditures. The tribunal held that when interest income exceeds interest expenditure and there's no allegation of fund diversion, the AO cannot require proof of direct nexus for each rotating fund. The interest expenditure claim was valid as total interest income was offered and payments didn't exceed receipts. Additionally, depreciation, interest, and insurance on car used by a partner in four firms for business purposes were allowed, as AO made no adverse findings regarding business use. en-us Thu, 21 Mar 2024 00:00:00 +0530 Thu, 02 Jan 2025 23:38:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459915 ITAT Jodhpur allowed the assessee's appeal regarding disallowance of interest expenses and car-related expenditures. The tribunal held that when interest income exceeds interest expenditure and there's no allegation of fund diversion, the AO cannot require proof of direct nexus for each rotating fund. The interest expenditure claim was valid as total interest income was offered and payments didn't exceed receipts. Additionally, depreciation, interest, and insurance on car used by a partner in four firms for business purposes were allowed, as AO made no adverse findings regarding business use. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459915