2017 (5) TMI 299

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....espondents ORDER Ajay Kumar Mittal, J. (Oral) The assessee has approached this Court under Section 260A of the Income Tax Act, 1961 (in short 'the Act'), against the order dated 27th September, 2007, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chndigarh (hereinafter referred to as 'the Tribunal'), in Income Tax Appeal No. 918/Chandi/2006, for the a....

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....le Court of India ? iv) Whether in the facts and circumstances of the case the ITAT has grossly erred in holding that the appellant is not entitle to deduction of expenses on account of interest paid on the borrowed funds u/s 57 more so when the income has been assessed under the provision of section 56 as income from other sources ? v) Whether in the facts and circumstances of the case the ....

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....red against the appellant by the judgment in Totgars Co-operative Sale Society Ltd. V. ITO, [2010] 322 ITR 283 (SC) and decision of this Court in ITA No.40 of 2016, titled as Punjab State Cooperative Federation of Housing Societies Ltd. Vs. Commissioner of Income Tax-II, Chandigarh and another, decided on 0 7 th December, 2016. Accordingly, the aforesaid question of law is decided against the appe....

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....erefore, no claim for deduction under Section 57 of the Act was made. Once the income of the assessee is treated as income from other sources by the revenue authorities, the assessee would be entitled to claim deduction under Section 57 of the Act in respect of expenses incurred for earning that income. Thus, it would be in the interest of justice that the matter is remitted back to the Assessing ....