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2016 (12) TMI 505 - PUNJAB AND HARYANA HIGH COURTDeduction in respect of cost of funds and proportionate administrative and other expenses u/s 57 - whether Tribunal was right in law in holding that the income by way of interest on deposits held with scheduled banks was chargeable to tax u/s 56 under the head ‘income from other sources’ without allowing any deduction in respect of cost of funds and proportionate administrative and other expenses u/s 57?- Held that:- The appellant does not appear to have claimed the deduction under Section 57 of the Income Tax Act (in short the Act) in view of the contention before the authorities that the gross interest income ought to be considered as business income. It was treated by the authorities as income from other sources. The ends of justice would be met by permitting the appellant to raise this contention before the Tribunal. It is only for this limited purpose that the appeal on this question is remitted to the Tribunal. It is open to the Tribunal to consider the issue itself or to remit it further. The appeal is accordingly disposed of so far as question above is concerned.
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