Interest Expenditure Deduction Allowed u/s 57(iii) Due to Clear Income Nexus, Tribunal Overstepped Jurisdiction: High Court Ruling.

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....Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii) of the Act. Under Section 57(iii) of the Act a nexus between the expenditure and income has to be ascertained. The assessee was therefore, entitled to deduction under Section 57(iii) of the Act. - The tribunal exceeded its jurisdiction in disallowing the entire interest expenditure - HC....