AO disallows S. 57 deduction claim on interest income from Personal funds: ITAT Quashes disallowance [Read Order]

The dispute was on two main issues, and they are interest income from personal funds and maturity profits from Keyman Insurance Policies
ITAT - ITAT Mumbai - Section 57 of Income Tax Act - Income Tax - Income Tax Act - Interest Income - Taxscan

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the  appeal in favour of the assessee regarding the disallowance of deductions claimed under Section 57 of the Income Tax Act 1961. The dispute was on two main issues, and they are interest income from personal funds and…

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