Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
ITAT allowed the assessee's appeal, holding that proportionate expenditure is deductible u/s 57(iii) against interest income taxed under the head "income from other sources" u/s 56. It observed that the Revenue had not disputed the genuineness of expenses or the audited books u/s 44AB, and that denial of deduction solely for lack of one-to-one nexus was contrary to law. For a co-operative credit society, administrative and financial expenses are inherently linked to earning interest from deployment of business funds. The disallowance was therefore set aside and deduction u/s 57 was directed to be granted.
ITAT allowed the assessee's appeal, holding that proportionate expenditure is deductible u/s 57(iii) against interest income taxed under the head "income from other sources" u/s 56. It observed that the Revenue had not disputed the genuineness of expenses or the audited books u/s 44AB, and that denial of deduction solely for lack of one-to-one nexus was contrary to law. For a co-operative credit society, administrative and financial expenses are inherently linked to earning interest from deployment of business funds. The disallowance was therefore set aside and deduction u/s 57 was directed to be granted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
