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The ITAT held that deduction of interest u/s 57 against interest income must be substantiated by the assessee. Interest expenditure must be incurred for earning interest income. In this case, interest on delayed sale payment is not connected to interest expenditure on loans for business purchases. Interest income is under 'income from other sources,' while interest expenditure is linked to 'capital gain.' Lack of evidence on TDS deduction or actual payment renders the claim inadmissible. The CIT(A)'s decision was upheld, dismissing all grounds raised by the assessee.
The ITAT held that deduction of interest u/s 57 against interest income must be substantiated by the assessee. Interest expenditure must be incurred for earning interest income. In this case, interest on delayed sale payment is not connected to interest expenditure on loans for business purchases. Interest income is under 'income from other sources,' while interest expenditure is linked to 'capital gain.' Lack of evidence on TDS deduction or actual payment renders the claim inadmissible. The CIT(A)'s decision was upheld, dismissing all grounds raised by the assessee.
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