ITAT Sanctions Interest Expense despite Higher Payment for Earning Income

Ankit Ashok Savla Vs ITO (ITAT Ahmedabad)

Introduction: In the landmark case of Ankit Ashok Savla Vs ITO, ITAT Ahmedabad clarified the non-disallowance of interest expenses incurred for earning income from loans and advances under Section 57 of the Income Tax Act. This decision shines a light on how these expenses are treated in the computation of taxable income, establishing an important precedent.

Analysis: The appellant, Ankit Ashok Savla, filed an app

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