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Case Law Details

Case Name : Dharam Bhushan Jain Vs ACIT (ITAT Delhi)
Related Assessment Year : 2014-15
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Dharam Bhushan Jain Vs ACIT (ITAT Delhi)

We find the A.O. in the instant case disallowed the deduction of Rs.5,41,397/- claimed by the assessee under section 57 of the I.T. Act, 1961 out of the interest income of Rs.42,09,926/- and deduction of interest expenses of Rs.5,41,397/- on the ground that assessee has paid interest @ 18% on the borrowed capital which was invested for acquisition of agricultural land and repayment of earlier loans and advances and the assessee is receiving lower rate of interest.

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