2004 (11) TMI 77

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....of law under section 256(1) of the Income-tax Act, 1961, for opinion to this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in allowing various expenses against the income from other sources?" Briefly stated the facts giving rise to the present reference are as follows: The respondent is a co-operative sugar mill. During the assessme....

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....rder. Under section 57 the interest income is to be taxed under the head "Income from other sources". However section 57 provides for deductions which are admissible from the income taxable under the head "Income from other sources". If a particular expenditure falls strictly under the clause of section 57 of the Act only then it is liable to be allowed as expenses otherwise not. The expenditure i....