https://www.taxtmi.com/caselaws?id=776722 ITAT, Ahmedabad dismissed the appeal on merits for failure to prove nexus between interest-bearing borrowings and advances, noting absence of the balance sheet to show fund deployment. The Tribunal nevertheless set aside the CIT(A)'s and assessment orders on this limited issue and restored the matter to the AO, directing opportunity for the taxpayer to furnish cogent reasons, documentary evidence and explanations to establish actual utilisation of borrowed funds and the real nexus with advances. Appeal treated as allowed for statistical purposes. en-us Tue, 12 Aug 2025 00:00:00 +0530 Mon, 18 Aug 2025 08:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776722 ITAT, Ahmedabad dismissed the appeal on merits for failure to prove nexus between interest-bearing borrowings and advances, noting absence of the balance sheet to show fund deployment. The Tribunal nevertheless set aside the CIT(A)'s and assessment orders on this limited issue and restored the matter to the AO, directing opportunity for the taxpayer to furnish cogent reasons, documentary evidence and explanations to establish actual utilisation of borrowed funds and the real nexus with advances. Appeal treated as allowed for statistical purposes. Case-Laws Income Tax Tue, 12 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776722