Taxpayer's Expense Allocation u/s 57 Challenged; Case Remanded to Verify Consistency with Previous Year Assessment.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting assessee's apportionment and allocating expenses on different basis challenged - Issue remanded to Assessing Officer to verify if formula adopted by assessee for apportioning interest expenses to interest income u/s 56 is consistent with previous assessment year accepted by Assessing Officer - If consistent, no addition to assessee's income - Assessing Officer directed to apportion expenses u/s 57 in line with previous year's assessment - Appeal allowed for statistical purposes.....