Depreciation cannot be claimed against interest Income falling under income from other sources

Sports Authority of Gujarat Vs DCIT (ITAT Ahmedabad) This ground of the assessee relates to the claim of deduction on depreciation against income from interest which according to the assessee qualifies as income from business or profession. Having held that the income from interest qualifies as ‘income from other sources‘ in the preceding paragraphs, the issue for consideration before us is whether the assessee can claim depreciation against such interest income being ‘income from other sources’. In view our view, language of section 57(ii) of the Act is clear and unamb...