https://www.taxtmi.com/caselaws?id=342561 The Court allowed the appellant's appeal challenging the Income Tax Appellate Tribunal's order for the assessment year 2003-04. The Court admitted the appeal for consideration of deductions under Section 57 for expenses on borrowed funds when income was assessed as income from other sources. Relying on precedent, the Court remitted the issue back to the Assessing Officer for fresh consideration, ultimately modifying the order to permit the appellant to claim deductions under Section 57. The judgment underscored the importance of allowing deductions in accordance with the Income Tax Act, 1961. en-us Mon, 30 Jan 2017 00:00:00 +0530 Mon, 08 May 2017 08:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342561 The Court allowed the appellant's appeal challenging the Income Tax Appellate Tribunal's order for the assessment year 2003-04. The Court admitted the appeal for consideration of deductions under Section 57 for expenses on borrowed funds when income was assessed as income from other sources. Relying on precedent, the Court remitted the issue back to the Assessing Officer for fresh consideration, ultimately modifying the order to permit the appellant to claim deductions under Section 57. The judgment underscored the importance of allowing deductions in accordance with the Income Tax Act, 1961. Case-Laws Income Tax Mon, 30 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342561