The Tribunal held that the Interest expenditure had to be set off against the interest earned and offered under the head Income from other sources. On facts the effect of allowance of interest expenditure whether from income from other sources or business income would be tax neutral, it was not necessary to decide whether it should be allowed against business income or income from other sources.( AY.2014-15)
Ajay Narendra Bansal v. Dy. CIT (2020) 79 ITR 8 (SN) ( Mum) (Trib)
S. 57 : Income from other sources – Deductions -Interest expenditure to be set off against interest earned . [ S. 28,(i) 36(1)(iii), 56, 57(iii) ]