https://www.taxtmi.com/highlights?id=79593 Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting assessee's apportionment and allocating expenses on different basis challenged - Issue remanded to Assessing Officer to verify if formula adopted by assessee for apportioning interest expenses to interest income u/s 56 is consistent with previous assessment year accepted by Assessing Officer - If consistent, no addition to assessee's income - Assessing Officer directed to apportion expenses u/s 57 in line with previous year's assessment - Appeal allowed for statistical purposes. en-us Mon, 22 Jul 2024 08:38:40 +0530 Mon, 22 Jul 2024 08:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79593 Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting assessee's apportionment and allocating expenses on different basis challenged - Issue remanded to Assessing Officer to verify if formula adopted by assessee for apportioning interest expenses to interest income u/s 56 is consistent with previous assessment year accepted by Assessing Officer - If consistent, no addition to assessee's income - Assessing Officer directed to apportion expenses u/s 57 in line with previous year's assessment - Appeal allowed for statistical purposes. Highlights Income Tax Mon, 22 Jul 2024 08:38:40 +0530 https://www.taxtmi.com/highlights?id=79593