Disallowance u/s 57(iii) just because interest earned not equal to percentage of interest expenditure incurred unsustainable

Sunil Bardia Vs ITO (ITAT Raipur) ITAT Raipur held that interest income earned is not equal to the percentage of interest expenditure incurred cannot be reason for disqualifying expenditure within the provision of section 57(iii) of the Income Tax Act. Facts- The assessee, is an individual, derives income under the head income from house property and profit and gains of business income from other sources and had filed a return of income for A.Y. 2017-18 declaring total income at Rs.4,78,990/-. Subsequently the case of the assessee was selected for scrutiny assessment through CASS to examine th...