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2022 (1) TMI 1046 - AT - Income TaxDisallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - whether interest expense is not attributable to the business shown u/s 44AD? - HELD THAT:- If the assessee has shown the income under the head “income from other sources”(in addition to the income declared u/s 44AD then the assessee is entitled to claim the deduction of interest expenses or other expenses which the assessee has incurred to earn said income shown by him under the head “income from other sources” . As abundantly clear that expenditure incurred by the assessee for the purpose of earning the income, under the head “income from other sources” should be allowed as a deduction under section 57(iii). The disallowance sustained by ld CIT(A) is in fact, the expenditure incurred by the assessee for earning income under the head “income from other sources”, hence respectfully following Rajendra Prasad Moody [1978 (10) TMI 133 - SUPREME COURT] we delete the disallowance sustained by ld CIT(A) - Decided in favour of assessee.
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