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| The Tax Publishers2020 TaxPub(DT) 2977 (Mum-Trib) INCOME TAX ACT, 1961
Section 56
As assessee had not established on record that interest expenditure was directly incurred for earning interest income, no set-off could be allowed.
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Income from other souces - Computation - Assessee sought netting off of interest expenditure against interest income -
AO sought netting off of interest expenditure against interest income taxed under the head income from other sources. AO denied this. Held: As assessee had not established on record that interest expenditure was directly incurred for earning interest income, no set-off could be allowed.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2014-15
INCOME TAX ACT, 1961
Section 254(1)
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