Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 56 - HC - Income TaxDisallowing the interest paid on bank loan, utilised for advancing laon from the interest received on the said advance - whether set off could not be allowed on the ground that the interest on the O/D loan could not remain unadjusted? - Held that:- We are of the view that the law declared by the Apex Court in Gopinathan's case [2001 (2) TMI 10 - SUPREME Court] wherein held interest received from the bank was income in assessee's hands - amount paid by the assessee as interest on the loan that he took from the bank did not reduce his income by way of interest on the fixed deposit by him in the bank was correctly applied by the assessing authority/appellate authority/Tribunal to the case in hand and no distinction has been made out by the appellant assessee to take a different view. We answer the substantial question as to the scope and applicability of Section 57(iii) in the instant case against the appellant assessee and in favour of the Revenue
|