The interest received by the assessee is treated as taxable under the head Income from other sources then still the deduction on account of interest paid by the assessee to the parties from whom the assessee taken loan and utilized to advance the money to persons from whom interest is received is allowable as deduction. (AY. 2011-12)
ACIT v. Career Point Infra Ltd. (2020) 207 TTJ 1 (UO) (Jaipur)(Trib.)
S. 57 : Income from other sources-Deductions-Deduction of payment of interest made to earn interest income-Allowable as deduction. [S. 56, 57(iii)]