https://www.taxtmi.com/caselaws?id=25323 The court held that the assessee was not entitled to exemption under section 57(iii) of the Income-tax Act for the interest paid on loans taken against fixed deposits for constructing a house. The judgment clarified that the purpose of the interest payment was not directly linked to maintaining interest income from fixed deposits, thus making the deduction under section 57(iii) inapplicable in this case. The court emphasized the need for expenditure to be incurred wholly and exclusively for the purpose of earning income to qualify for the deduction. en-us Fri, 31 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 18:45:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25323 The court held that the assessee was not entitled to exemption under section 57(iii) of the Income-tax Act for the interest paid on loans taken against fixed deposits for constructing a house. The judgment clarified that the purpose of the interest payment was not directly linked to maintaining interest income from fixed deposits, thus making the deduction under section 57(iii) inapplicable in this case. The court emphasized the need for expenditure to be incurred wholly and exclusively for the purpose of earning income to qualify for the deduction. Case-Laws Income Tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25323