Interest Expenses incurred for earning Income from Loans and Advances shall not be Disallowed u/s 57 of Income Tax Act: ITAT [Read Order]

By Aparna. M - On June 10, 2023 8:00 pm - 2 mins read

Interest Expenses - Income from Loans - Income - Loans - Loans and Advances - Disallowed - Income Tax Act - ITAT - Income Tax - taxscan

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that the interest expenses incurred for earning income from loans and advances should not be disallowed under Section 57 of Income Tax Act, 1961. The assesee Ankit Ashok Savla after filing the return for the assessment year 2017-18. The case was selected for…

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Topics

Commissioner of Income Tax (Appeals)Income Income Tax Act Interest Expenses ITAT Ahmedabad Loans section 57 of the Income Tax Act