Sunil Bardia v. ITO (2024) 204 ITD 68 (Raipur)(Trib.)

S. 57 : Income from other sources-Deductions-Interest-Income earned was not equal to percentage of interest-Interest expenditure incurred is allowable as deduction. [S. 56, 57(iii)]

Held that  though income earned by assessee by way of interest was not equal to percentage of interest in terms of interest expenditure incurred, same could not be a reason to disqualify certain expenditure within provision of section 57(iii), therefore, expenditure incurred is  allowable expenditure in terms of provisions of section 57(iii) of the Act. (AY. 2017-18)

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