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2018 (6) TMI 31 - AT - Income TaxAddition on account of the interest income - Disallowance of interest expenses and depreciation allowance against interest income from fixed deposits - Held that:- Interest expenses on overdraft facility taken against fixed deposits, have not been incurred in the earning of interest on FD - thus it cannot be allowed as deduction against the interest income on fixed deposits u/s 57 - Decided against the assessee. Depreciation claimed by the assessee against such interest income on fixed deposits - Held that:- Since the assessee has withdrawn the claim of depreciation in his return submission therefore, there is no reason to adjudicate the same - Hence dismissed.
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