https://www.taxtmi.com/caselaws?id=270435 The High Court upheld the Tribunal's decision that interest paid on funds utilized for Fixed Deposit Receipts (FDRs) was an allowable deduction under section 57(iii) of the Income Tax Act against the interest income from FDRs. The Court emphasized that expenses incurred for earning income under 'other sources' would fall under section 57(iii) of the Act. The revenue's appeal was dismissed, affirming the Tribunal's ruling on allowable deductions for interest expenses related to income from other sources. en-us Tue, 01 Sep 2015 00:00:00 +0530 Wed, 06 Jan 2016 09:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270435 The High Court upheld the Tribunal's decision that interest paid on funds utilized for Fixed Deposit Receipts (FDRs) was an allowable deduction under section 57(iii) of the Income Tax Act against the interest income from FDRs. The Court emphasized that expenses incurred for earning income under 'other sources' would fall under section 57(iii) of the Act. The revenue's appeal was dismissed, affirming the Tribunal's ruling on allowable deductions for interest expenses related to income from other sources. Case-Laws Income Tax Tue, 01 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270435