Taxpayer Cannot Offset Interest Paid Against Interest Earned u/s 57(iii) of the Income-tax Act.

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....The netting of the interest paid and the interest received is not permissible. Section 57(iii) of the Income-tax Act also does not help the assessee - the assessee cannot be heard to say that it has spent ₹ 5,33,23,380 for earning interest of ₹ 59,31,141 on the fixed deposit receipt - HC....