Assessee's claim under section 57: home loan interest netted with spouse's interest income; section 68 remitted for verification

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....ITAT allowed the assessee's claim under section 57, holding that the AO's disallowance of interest expenditure was unsustainable where the funds borrowed from a bank as a "home loan" were advanced to the assessee's spouse yielding taxable interest; applying substance over form and relying on a co-ordinate bench decision, the Tribunal directed deletion of the disallowance and permitted netting of interest income and interest expenditure. Regarding the addition under section 68 for alleged unexplained cash credit from sale of land, the ITAT remitted the matter to the AO for fresh examination of the sale deed, Tehsildar's certificate and corroborative records, directing that if the land is certified agricultural the consideration cannot be taxed.....