Addition justified if assessee fails to explain nexus between interest expense & other source income

Sri.Yash Vardhan Arya Vs ITO (ITAT Bangalore) Conclusion: Since assessee had not brought on record any documentary evidence to show that it had incurred interest expenditure as against the income assessed under the head `income from other sources. Therefore, the addition sustained by the CIT(A) to the extent of Rs.1,83,003 was confirmed. Held: Assessee had earned dividend income of Rs. 62,905/- and interest on PPF of Rs 11,059/- and claimed as exempt. He had also offered negative income of Rs. 96,208/- under head income from other sources after claiming deduction of Rs. 2,89,211/- as interest ...