TMI Blog2017 (5) TMI 299X X X X Extracts X X X X X X X X Extracts X X X X ..... ther sources under Section 56 - Held that:- In the present case, the appellant had claimed the income to be business income and therefore, no claim for deduction under Section 57 of the Act was made. Once the income of the assessee is treated as income from other sources by the revenue authorities, the assessee would be entitled to claim deduction under Section 57 of the Act in respect of expenses incurred for earning that income. Thus, it would be in the interest of justice that the matter is remitted back to the Assessing Officer to decide the claim of the assessee for deduction under Section 57 of the Act. Accordingly, the issue under thisquestion is sent back to the Assessing Officer, who shall decide the same afresh, in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iv) Whether in the facts and circumstances of the case the ITAT has grossly erred in holding that the appellant is not entitle to deduction of expenses on account of interest paid on the borrowed funds u/s 57 more so when the income has been assessed under the provision of section 56 as income from other sources ? v) Whether in the facts and circumstances of the case the ITAT order holding appellant not entitle to deduction u/s 80P (2) (a) (i) and also not entitle to deduction of expenses u/s 57 out of the interest income which has been assessed as income from other sources is legally sustainable, the same being based on mere presumptions and surmises ? vi) Whether in the facts and circumstances of the case the order of the ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imilar issue, the matter had been remitted back. 4. In the present case, the appellant had claimed the income to be business income and therefore, no claim for deduction under Section 57 of the Act was made. Once the income of the assessee is treated as income from other sources by the revenue authorities, the assessee would be entitled to claim deduction under Section 57 of the Act in respect of expenses incurred for earning that income. Thus, it would be in the interest of justice that the matter is remitted back to the Assessing Officer to decide the claim of the assessee for deduction under Section 57 of the Act. Accordingly, the issue under question No.(iv) is sent back to the Assessing Officer, who shall decide the same afresh, in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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