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ITAT Delhi Restores Section 57(iii) Interest Claim: Rule of Consistency to Be Examined
Case Law Details
- Case Name
- Devinder Ajmani Vs Assessing Officer (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Delhi
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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...
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