https://www.taxtmi.com/caselaws?id=117944 The Tribunal upheld the assessment of interest income under 'Income from other sources' but directed a reevaluation of the treatment of interest expenditure for deduction under section 57(iii). The matter was remanded to the Assessing Officer to determine if the borrowed funds were used for earning interest income and to allow set off of interest paid with a nexus to interest receipt. The Tribunal ordered a re-computation of the deduction under section 80HHC, providing the assessee with an opportunity to be heard. All appeals of the revenue were allowed for statistical purposes, leading to a reassessment of interest income and expenditure. en-us Tue, 31 Aug 2004 00:00:00 +0530 Wed, 27 Jun 2012 15:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117944 The Tribunal upheld the assessment of interest income under 'Income from other sources' but directed a reevaluation of the treatment of interest expenditure for deduction under section 57(iii). The matter was remanded to the Assessing Officer to determine if the borrowed funds were used for earning interest income and to allow set off of interest paid with a nexus to interest receipt. The Tribunal ordered a re-computation of the deduction under section 80HHC, providing the assessee with an opportunity to be heard. All appeals of the revenue were allowed for statistical purposes, leading to a reassessment of interest income and expenditure. Case-Laws Income Tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117944