https://www.taxtmi.com/caselaws?id=350580 The ITAT dismissed the Revenue's appeals and affirmed the CIT(A)'s decision to treat income from the investment in commercial property as income from other sources. The interest paid to Reliance Capital was allowed as expenditure incurred for earning income, following legal precedents and interpreting the purpose of the expenditure over the actual income earned. The ITAT concluded that the interest deduction against income from other sources was permissible under Section 57(3) of the Income Tax Act. en-us Mon, 06 Nov 2017 00:00:00 +0530 Wed, 08 Nov 2017 11:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350580 The ITAT dismissed the Revenue's appeals and affirmed the CIT(A)'s decision to treat income from the investment in commercial property as income from other sources. The interest paid to Reliance Capital was allowed as expenditure incurred for earning income, following legal precedents and interpreting the purpose of the expenditure over the actual income earned. The ITAT concluded that the interest deduction against income from other sources was permissible under Section 57(3) of the Income Tax Act. Case-Laws Income Tax Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350580