Disallowance u/s 57(ii) of Income Tax Act allowable on Expenses Incurred wholly for earning Income from Other Sources: ITAT [Read Order]
The court viewed that in the absence of the assessee's explanation, there was no nexus between the interest-bearing funds and their utilization for making advances for earning interest income
The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has held that disallowance under section 57(ii) of the Income Tax Act, 1961 is allowable on expenses incurred wholly for earning Income From Other Sources. In the absence of the assessee’s explanation, there was no nexus between the interest-bearing funds and their utilization for making advances…
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