Interest Deduction Denied: No Direct Nexus Between Borrowed Funds and Fixed Deposit Earnings u/s 57 of Income Tax Act.

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....Disallowance of interest expenses - direct nexus - If the amount so taken from the parties was not utilized for the purpose of making fixed deposit where from the assessee has earned the interest, under such circumstances, the assessee would not be entitled for deduction of the expenditure claimed u/s.57 of the Act - AT....