https://www.taxtmi.com/caselaws?id=753916 ITAT Mumbai dismissed the assessee's appeal for deduction of interest expenditure under section 57 against interest income from delayed sale consideration payment. The tribunal held that interest expenditure on loans for the sold proprietorship concern was not connected to earning interest income on delayed payment, which constituted revenue receipt under "income from other sources." The interest expenditure related to capital gains from proprietorship sale, not revenue generation. Additionally, the assessee failed to provide documentary evidence of actual payment or TDS deduction on claimed interest expenditure. en-us Wed, 08 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753916 ITAT Mumbai dismissed the assessee's appeal for deduction of interest expenditure under section 57 against interest income from delayed sale consideration payment. The tribunal held that interest expenditure on loans for the sold proprietorship concern was not connected to earning interest income on delayed payment, which constituted revenue receipt under "income from other sources." The interest expenditure related to capital gains from proprietorship sale, not revenue generation. Additionally, the assessee failed to provide documentary evidence of actual payment or TDS deduction on claimed interest expenditure. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753916