Case Law Details
Deena Asit Mehta Vs DCIT (ITAT Mumbai)
The issue under consideration is whether the netting off interest expenditure against interest income is allowed u/s 56 of Income Tax Act?
ITAT states that, though, similar disallowance was made by the Assessing Officer in assessment year 2012–13, which was confirmed by learned Commissioner (Appeals), however, the assessee did not contest such disallowance before the Tribunal. Even otherwise also, the assessee had not established on record that the interest expenditure is directly incurred for earning interest income. That being the case, ITAT uphold the disallowance made by the Assessing Officer and confirmed by learned Commissioner (Appeals). Accordingly the appeal filed by assessee is dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
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