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TMI Blogloss under the head other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... An assessee has taken money on loan from various persons on which he pays interest. he has given money on loan to several other persons from whom he receives interest. can he show loss from this proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss under the head income from other sources. will the loss shown in income tax return be acceptable to the department. - Reply By DEV KUMAR KOTHARI - The Reply = Why it is taken under head 'other sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rces' and not 'business'? Why there is loss? Whether, interest expenses are incurred to earn income , or wholly and exclusively for business, as the case may be? These are important questions which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will have to be answered satisfactorily. - Reply By Rama Krishana - The Reply = Technically, the answer is yes, intra head adjustment of losses and profit are allowed under section 71. Further secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 57 allows deduction of expenses incurred for the purpose of earning income. But, the question raised by Mr. D K Kothari is highly relevant. - loss under the head other sources - Query Started By: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - manoj gupta Dated:- 7-7-2010 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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