Taxpayer's Interest Deduction Denied Due to Lack of Evidence u/ss 57(iii) and 36(1)(iii) of Income Tax Act.

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....Disallowing interest expenditure - interest paid resulting in loss under the head “income from other sources‟ - even though the assessee has claimed that it has not accepted the disallowance however, nothing has been brought on record to prove that said net excess interest paid fit into the conditions of section 57(iii) or section 36(1)(iii) of the Act. - AT....