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) ]

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)