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2018 (2) TMI 496

Head Note / Extract:
Deduction as Municipal Taxes and other charges u/s 24 against rental income earned - Income from interest and other income - treated as‘Income from Other Sources’ - Appellants submit that the above income is taxable as income from business e do not find any substance in assessee’s appeal. The assessee could not claim any expenditure from Income from House Property outside the ambit of Section 24. The expenditure as claimed by the assessee was not covered by the statutory provisions and hence not allowable. The interest income was earned from Capital Gains Bonds which was rightly assessed as Income from Other Sources. Similarly, the assessee failed to show that misc. incomes aggregating to ₹ 48,407/- were, in any way, related to assessee’s business and therefore, rightly been assessed as Income from other Sources. - Decided against assessee

 

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