https://www.taxtmi.com/caselaws?id=757113 The ITAT Indore remanded the case back to the AO for fresh adjudication regarding disallowance of deductions claimed under section 57. The assessee claimed deductions for interest expenditure, legal expenses, bank charges and brokerage against interest income shown under other sources. The tribunal held that while the AO's complete disallowance was incorrect, the assessee failed to prove that borrowed funds were actually utilized for giving loans to satisfy section 57(iii) requirements. However, the tribunal deleted the addition made by AO on account of interest receipt/income, finding it resulted in double taxation as the gross interest income was already included in total income. en-us Wed, 07 Aug 2024 00:00:00 +0530 Thu, 15 Aug 2024 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757113 The ITAT Indore remanded the case back to the AO for fresh adjudication regarding disallowance of deductions claimed under section 57. The assessee claimed deductions for interest expenditure, legal expenses, bank charges and brokerage against interest income shown under other sources. The tribunal held that while the AO's complete disallowance was incorrect, the assessee failed to prove that borrowed funds were actually utilized for giving loans to satisfy section 57(iii) requirements. However, the tribunal deleted the addition made by AO on account of interest receipt/income, finding it resulted in double taxation as the gross interest income was already included in total income. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757113