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2022 (1) TMI 414 - AT - Income TaxRevision u/s 263 by CIT - Wrong claim of business expenditure under the head 'Income from Other sources' - expenditure claimed on account of interest payments is not an allowable deduction u/s.57(iii) from out of the Income from other sources, even though, the same can be allowed under the head 'Income from business' - HELD THAT:- Since the assessee failed to prove the nexus between the interest income and expenditure incurred, the CIT set aside the order of AO, who allowed the same under the head “income from other sources”. Even before us, the ld. AR of the assessee failed ot prove the nexus between the interest income and expenditure incurred and, therefore, we uphold the order of CIT on this issue and dismiss the grounds raised by the assessee on this issue. Disallowance u/s 14A should also be added to the profits compute du/s 115JB - As relying on VIREET INVESTMENT (P.) LTD. [2017 (6) TMI 1124 - ITAT DELHI] we hold that the disallowance made u/s 14A should not be added to the book profits computed under section 115JB. Therefore, we set aside the order of CIT on this issue and allow the ground raised by the assessee.
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