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Case Law Details

Case Name : Shri Mahendra Singh Meel Vs. ITO (ITAT Jaipur)
Related Assessment Year : AY 2014-2015
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Shri Mahendra Singh Meel Vs. ITO (ITAT Jaipur)

The issue under consideration is whether the interest expense can be disallowed u/s 57(iii) on the ground that rate of interest paid was higher that rate of interest received in own case?

ITAT states that Section 57(iii) requires that the expenditure must be laid out or expended wholly and exclusively for the purpose of making or earning income. It is the purpose of the expenditure that is relevant in determining the

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