Sec. 36(1)(iii) of the Income-tax Act, 1961—Interest on borrowed capital – Once it is established that there was nexus between the expenditure and purpose of the busienss (which need not necessarily be the business of the assessee itself) the Revenue cannot justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and assume the role to decide how much is reasonable expenditure having regard to the circumstances of cases. Against the order of High Court, SLP of the revenue dismissed. - PR. CIT V/s E-CITY INVESTMENTS & HOLDINGS COMPANY (P.) LTD. - [2020] 272 TAXMAN 090 (SC)