Income from other sources - interest expenditure is to be set ...

Interest Expenditure Can Offset Interest Income; Section 40(ba) Misapplied to AOPs, Not Affecting Registered Societies.

September 28, 2022

Case Laws Income Tax AT

Income from other sources - interest expenditure is to be set off against the interest income. As regards the AO's contention that interest paid to member is not eligible deduction in the case of AOP under Section 40 (ba), we have perused the said Section. This clause excludes registered society from its applicability. Accordingly, this clause will not be applicable to the assessee society. Moreover, as rightly contended by the learned AR Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. - AT

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Income from other sources - interest expenditure is to be set ...

Interest Expenditure Can Offset Interest Income; Section 40(ba) Misapplied to AOPs, Not Affecting Registered Societies.

September 28, 2022

Case Laws Income Tax AT

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