https://www.taxtmi.com/caselaws?id=469129 Under section 57(iii), interest expenditure was deductible only to the extent laid out wholly and exclusively for earning the relevant taxable income; the portion attributable to exempt investments was disallowed and directed to be capitalised as part of the cost of shares and securities, while the balance linked to income-generating term deposits was allowed on the recorded nexus. Interest under sections 234A, 234B and 234C remained mandatory, but it had to be recomputed after excluding income subject to TDS, requiring the assessing authority to recalculate the levy on the correct taxable base. en-us Wed, 16 Dec 2020 00:00:00 +0530 Wed, 03 Jun 2026 15:39:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469129 Under section 57(iii), interest expenditure was deductible only to the extent laid out wholly and exclusively for earning the relevant taxable income; the portion attributable to exempt investments was disallowed and directed to be capitalised as part of the cost of shares and securities, while the balance linked to income-generating term deposits was allowed on the recorded nexus. Interest under sections 234A, 234B and 234C remained mandatory, but it had to be recomputed after excluding income subject to TDS, requiring the assessing authority to recalculate the levy on the correct taxable base. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469129