https://www.taxtmi.com/caselaws?id=767545 ITAT Pune allowed assessee's appeal regarding interest expenses claimed under section 57(iii). The tribunal found that assessee successfully established nexus between borrowed amount on which interest was paid and amount lent on which interest was earned. The decision was supported by the fact that AO allowed similar deduction in subsequent year after scrutiny for same loans and advances. CIT(A)/NFAC's order sustaining disallowance was set aside, and assessee's grounds were allowed. en-us Tue, 18 Mar 2025 00:00:00 +0530 Wed, 19 Mar 2025 14:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767545 ITAT Pune allowed assessee's appeal regarding interest expenses claimed under section 57(iii). The tribunal found that assessee successfully established nexus between borrowed amount on which interest was paid and amount lent on which interest was earned. The decision was supported by the fact that AO allowed similar deduction in subsequent year after scrutiny for same loans and advances. CIT(A)/NFAC's order sustaining disallowance was set aside, and assessee's grounds were allowed. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767545