Deduction claimed u/s 57 against income returned u/s 56 - manner ...

Taxpayer's Expense Allocation u/s 57 Challenged; Case Remanded to Verify Consistency with Previous Year Assessment.

July 22, 2024

Case Laws Income Tax AT

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting assessee's apportionment and allocating expenses on different basis challenged - Issue remanded to Assessing Officer to verify if formula adopted by assessee for apportioning interest expenses to interest income u/s 56 is consistent with previous assessment year accepted by Assessing Officer - If consistent, no addition to assessee's income - Assessing Officer directed to apportion expenses u/s 57 in line with previous year's assessment - Appeal allowed for statistical purposes.

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Deduction claimed u/s 57 against income returned u/s 56 - manner ...

Taxpayer's Expense Allocation u/s 57 Challenged; Case Remanded to Verify Consistency with Previous Year Assessment.

July 22, 2024

Case Laws Income Tax AT

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