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2010 (6) TMI 604 - AT - Income TaxSet off of interest expenditure with interest income - income from other sources - AO is of the opinion that cannot claim the adjustment of interest payable against interest so earned and assessable under section 56.- Held that:- the borrowing has been made exclusively and solely for the purpose of earning interest in which case alone it should be taken as an income which should be deducted from the interest receipts. - there is direct nexus between the amount advanced and amount borrowed - Decided in favor of assessee.
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