https://www.taxtmi.com/caselaws?id=774519 Interest earned on fixed deposits maintained as lien for a bank guarantee in connection with a real estate project was treated as having a direct nexus with the project and business activity, so it was to be adjusted against project expenditure or work-in-progress rather than assessed as an independent source of income. The Tribunal also admitted additional evidence on the claim for interest deduction under section 24(b), finding sufficient cause to examine the loan source and utilisation more fully; the matter was remitted for fresh adjudication after giving the assessee an opportunity of hearing. en-us Fri, 16 May 2025 00:00:00 +0530 Thu, 10 Jul 2025 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774519 Interest earned on fixed deposits maintained as lien for a bank guarantee in connection with a real estate project was treated as having a direct nexus with the project and business activity, so it was to be adjusted against project expenditure or work-in-progress rather than assessed as an independent source of income. The Tribunal also admitted additional evidence on the claim for interest deduction under section 24(b), finding sufficient cause to examine the loan source and utilisation more fully; the matter was remitted for fresh adjudication after giving the assessee an opportunity of hearing. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774519