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2004 (9) TMI 28 - CALCUTTA HIGH COURTSection 57 - (1) Whether, the amount of interest paid is allowable as a deduction u/s 57 while computing the interest income assessed as income from other sources u/s 56? (2) Whether Tribunal was justified in holding that there was no nexus between the interest expenditure incurred by the applicant and the interest income received by the applicant by investing the surplus amount out of borrowed fund when the said activity was clearly permissible under the memorandum and articles of association of the applicant? (3) Whether the interest expenditure incurred by the appellant is allowable as a deduction u/s 57, while computing the interest income sought to be assessed as 'income from other sources' u/s 56 as expenditure incurred for earning the income? (4) Whether having regard to the memorandum of association of the appellant and its certificates of incorporation and commencement of business, the transactions relating to borrowing and lending were business operations and the interest paid was allowable as an expenditure incurred for earning the interest income u/s 36(1)(iii)?"
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