Where dividend income earned by assessee was taxable under head ‘Income from other sources’, any expenditure incurred to earn dividend income including finance charges was to be allowable under S. 57(iii) of the Act. (AY. 2003-04 )
Asia Investments P. Ltd. v. ACIT (2018) 63 ITR 535 /193 TTJ 214 (Mum) ( Trib.)
S. 57 : Income from other sources – Deductions – Dividend income – taxable under head ‘Income from other sources’ – Any expenditure incurred to earn dividend income including finance charges allowable as deduction .[ S. 57(iii) ]