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2015 (10) TMI 1405 - AT - Income TaxAddition on account of "Interest paid to Bank" - Held that:- It emerges from the record that the assessee provided breakup of overdraft interest utilization before lower authorities. Without rebutting the same, it has been held that the assessee has not established the nexus. Thus, this finding of the lower authorities is not borne out from record. On merits also the assessee is eligible for overdraft interest qua the interest earned, availability of assessee's surplus funds is also not disputed. Looking into the entirety of the facts and circumstances of the case and the ITAT's judgment in assessee's brother's case, the interest paid by the assessee on overdraft facility is allowable as expenditure. - Decided in favour of assessee.
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