Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 914 - HC - Income TaxDisallowance on account of interest expenses - ITAT allowed the claim - Held that:- While the Department has consistently accepted the claim of the assessee in the earlier years when the income under the head “income from other sources” was more than the interest expenditure, such claim is sought to be disallowed in the year under consideration only because the interest expenditure exceeds the interest income. Having regard to the past history of the assessee, this court is of the view that the Tribunal was wholly justified in holding that the total expenditure incurred for earning the income has to be allowed and cannot be restricted to a proportion of the income and deleting the disallowance made by the Assessing Officer on account of interest expenses. - Decided in favour of assessee.
|