https://www.taxtmi.com/caselaws?id=778345 ITAT allowed the assessee's deduction under s.57, holding the AO erred in denying the claim because the expenditure related to interest income arising from surplus funds in the assessee's SB account and FDs created from loans, establishing requisite nexus with the income. The Tribunal emphasized that once nexus is shown, the deduction cannot be denied merely due to rotation of loans for partnership introductions and withdrawals. The ruling was confined to the peculiar facts of the case and not treated as a precedent. en-us Mon, 25 Aug 2025 00:00:00 +0530 Fri, 12 Sep 2025 18:37:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778345 ITAT allowed the assessee's deduction under s.57, holding the AO erred in denying the claim because the expenditure related to interest income arising from surplus funds in the assessee's SB account and FDs created from loans, establishing requisite nexus with the income. The Tribunal emphasized that once nexus is shown, the deduction cannot be denied merely due to rotation of loans for partnership introductions and withdrawals. The ruling was confined to the peculiar facts of the case and not treated as a precedent. Case-Laws Income Tax Mon, 25 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778345