https://www.taxtmi.com/caselaws?id=386909 The Tribunal allowed the assessee's claim for deduction of interest expenses under Section 57(iii) of the Income Tax Act, finding that the expenses were incurred wholly and exclusively for earning income from other sources. The Tribunal overturned the disallowance made by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals), concluding that the interest expenditure was allowable. The appeal of the assessee was allowed, and the disallowance of interest expenses amounting to Rs. 7,79,478/- was deleted in the final order pronounced on 03/10/2019. en-us Thu, 03 Oct 2019 00:00:00 +0530 Fri, 11 Oct 2019 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386909 The Tribunal allowed the assessee's claim for deduction of interest expenses under Section 57(iii) of the Income Tax Act, finding that the expenses were incurred wholly and exclusively for earning income from other sources. The Tribunal overturned the disallowance made by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals), concluding that the interest expenditure was allowable. The appeal of the assessee was allowed, and the disallowance of interest expenses amounting to Rs. 7,79,478/- was deleted in the final order pronounced on 03/10/2019. Case-Laws Income Tax Thu, 03 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386909