ITAT Delhi Restores Section 57(iii) Interest Claim: Rule of Consistency to Be Examined

Devinder Ajmani Vs Assessing Officer (ITAT Delhi) ITAT Delhi Restores Section 57(iii) Interest Claim: Rule of Consistency to Be Examined The Delhi SMC Bench of the ITAT set aside the order of the NFAC/CIT(A) and restored the issue relating to deduction under section 57(iii) in the case of Devinder Ajmani (AY 2020-21). The assessee, a Director in a private company, had borrowed funds (including a home loan) at a lower interest rate and advanced the same to the company, claiming deduction of interest as expenditure incurred for earning income from other sources. While the Assessing Officer allow...