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2022 (4) TMI 383 - AT - Income TaxIncome from other sources - Addition on account of interest paid or incurred on the loans taken, against the income earned from interest being income from other sources under the provisions of Section 57 - HELD THAT:- In the present case, it is noticed that a similar issue having identical facts was a subject matter of the appeals by the Family members of the assessee [2021 (3) TMI 1354 - ITAT CHANDIGARH] decided that there is no allegation that the assessee has used the interest bearing funds for some other purposes. Under the circumstances, in our view, the assessee is entitled to set off the interest expenditure against the interest income earned by the assessee and the net of the same has rightly been offered by the assessee for taxation. In view of above discussion, the addition made by the Assessing Officer is ordered to be deleted. - Decided in favour of the assessee.
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