9911796707
TMI Blog2014 (11) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... UDGEMENT Per: N Kumar: This appeal is preferred by the assessee against the order passed by the tribunal, declining to consider his claim for expenditure incurred in earning the interest, which is taxed. 2. The assessee is an Association of Person operating a club. It filed its return of income for the assessment year 2008-09 on 29.09.2008, declaring a loss of Rs. 22,07,204/-. The case was take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , all other additions made by the assessing officer were sustained by the learned CIT (Appeals). Aggrieved by the said order, the assessee preferred an appeal before the Tribunal. The Tribunal has partly allowed the appeal insofar as the claim of the assessee regarding incurring of expenditure for earning interest and deduction from the income thereof, was not allowed. Aggrieved by the said order, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn filed by the assessee showing loss and when they have taken out the interest income separately and taxed it, the expenditure incurred in earning the said interest should have been considered for deduction. The said exercise has not been done and therefore, submits that it would be appropriate if the matter is remanded to the assessing authority regarding the expenditure and its deduction from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted the relief regarding Outsourcing Income from Canteen Activity. However, these additions are made if any expenditure is incurred as contended by the assessee in respect of the Interest Received from Banks. The authorities ought to have considered whether any expenditure is incurred in this regard. If any expenditure is incurred, then the same should have been deducted out of the interest in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t income is taxed. In this regard, the following order is passed: ORDER a. The appeal is partly allowed. b. The order of the tribunal insofar as the refusing to consider the claim of the assessee for deducting the expenditure incurred in earning the interest income is set aside. c. All the contentions urged by both parties are kept open ..... X X X X Extracts X X X X X X X X Extracts X X X X
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