Interest on loan availed for business cannot be set off against interest received on loan to Sister Concern

Mathew Joseph Vs. ACIT (Kerala High Court) Issue- Whether the income obtained to the assessee by way of interest, by virtue of the amount advanced to a sister concern (admittedly an income from other sources coming within the purview of Section 56 of the Income tax Act) is liable to be set off against the interest paid by the assessee to his bankers in respect of a loan obtained for the export business (packing credit facility) as an eligible deduction under Section 57 (iii) of the said Act is the point to be considered and answered by this Court. It can be seen that the appellant assessee ad...