Section 57 Deduction Allowable for Interest Expense Incurred to Earn Income from Other Sources: ITAT Raipur

Rajesh Mirani Vs DCIT (ITAT Raipur) ITAT Raipur held that interest expenditure incurred for earning income chargeable under the head “Income from other sources” is allowable as deduction under section 57 of the Income Tax Act. Facts- The assessee is an individual. The case was selected for limited scrutiny under CASS on the issue of large deduction claimed u/s 57. On verification of ITR, Audit Report and books of Accounts a/w relevant other documents, AO has observed that the assessee has earned an income from other sources against which, he has claimed a deduction of Rs. 39,86,573/-. Post...