Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 451 - AT - Income TaxIncome from other sources - Interest expense allowance against interest income brought to tax under the head income from the other sources - HELD THAT:- As decided in own case [2016 (11) TMI 743 - ITAT MUMBAI] and [2017 (10) TMI 1523 - ITAT MUMBAI] merit in the arguments of the ld.AR that the interest incurred to the banks should be allowed while assessing the interest income of the assessee from the deposits with NSE and we are not convinced with the findings of ld.CIT(A) that there is no nexus between the funds/deposits lying with the NSE under lien and NSE have various deposits or FDR under lien or deposits out of sources as discussed supra and the interest expense accrued in favour of various banks on the money borrowed for the purpose of FDRs for security and also for bank guarantees to NSC. Accordingly, we set aside the order of ld.CIT(A) and direct the AO to allow deduction of interest out of the interest received from the National Stock Exchange. - Decided against revenue
|