https://www.taxtmi.com/caselaws?id=775609 The ITAT upheld the CIT(A)'s decision allowing the assessee's claim for interest expenditure under section 57(iii), emphasizing the rule of consistency. The AO's full disallowance was deemed unjustified, as prior assessments had only partially disallowed interest based on the nexus of borrowed funds. The assessee's proportional disallowance calculation of Rs. 43.45 lakhs was accepted, considering most borrowings were from earlier years and no change in facts was shown. The tribunal ruled in favor of the assessee. en-us Tue, 15 Jul 2025 00:00:00 +0530 Mon, 28 Jul 2025 08:27:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775609 The ITAT upheld the CIT(A)'s decision allowing the assessee's claim for interest expenditure under section 57(iii), emphasizing the rule of consistency. The AO's full disallowance was deemed unjustified, as prior assessments had only partially disallowed interest based on the nexus of borrowed funds. The assessee's proportional disallowance calculation of Rs. 43.45 lakhs was accepted, considering most borrowings were from earlier years and no change in facts was shown. The tribunal ruled in favor of the assessee. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775609