57(iii) of the Act (H. H. Maharaja Martand Singh Ju Deo v. CIT

174 ITR 515High Court#23119 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2021 to 2025.

Sections most often in play

Section 1961 Section 1962 Section 24 Section 37(1)Section 57(iii)Section 57(iii) of the Income Tax Act

Judgments citing 57(iii) of the Act (H. H. Maharaja Martand Singh Ju Deo v. CIT

Nitin Madanlal Khandelwal, Akola vs. Assistant Commissioner of Income Tax, Circle - Akola, Akola

In the result, appeal filed by the assessee stands dismissed

ITA 55/NAG/2024[2014-15]Status: DisposedITAT Nagpur14 Feb 2025AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Shubham JainFor Respondent: Shri Abhay Y. Marathe

Section 57

…ssee in taking overdrafts was not to earn income but to meet the personal liability, interest payment on overdrafts was held to be not allowable deduction under section 57(iii) of the Act (H. H. Maharaja Martand Singh Ju Deo Vs. CIT (1989) Taxation 92(3)-199, 174 ITR 515 (MP): Padmavati Jai Krishna Vs. Addl. CIT (1987) Taxation 86(2)-1: 166 ITR 176 (SC)). 5.15 In the case of the appellant, I find that the appellant has not been able to establish the commercial expediency of the transaction entered into by the appellant. The appellant has admitted that as the statutes did not allow KJAPL to borrow from open market…

Raj Kumar Kandoi, Jaipur vs. ACIT Central Circle 3, Jaipur

In the result, the appeal of the assessee stands allowed with no orders as to costs

ITA 575/JPR/2024[2017-18]Status: DisposedITAT Jaipur10 Jul 2024AY 2017-18

For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Shri Rajesh Kumar Meena, Addl. CIT-DR

Section 57

…ssee in taking overdrafts was not to earn income but to meet the personal liability, interest payment on overdrafts was held to be not allowable deduction under section 57(iii) of the Act (H. H. Maharaja Martand Singh Ju Deo Vs. CIT (1989) Taxation 92(3)-199, 174 ITR 515 (MP): Padmavati Jai Krishna Vs. Addl. CIT (1987) Taxation 86(2)-1: 166 ITR 176 (SC)). Connection between the expenditure and earning of income need not be direct and it may be indirect. But, since the expenditure must have been incurred for the purpose of earning that income, there should be some nexus between the 12 RAJ KUMAR KANDOI VS ACIT, CIR…

Sh. Ravinandan Kumar, Ludhiana vs. ACIT, C-7, Ludhiana

In the result, the appeal of the assessee is allowed for statistical purposes (R

ITA 21/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh14 Jun 2021AY 2014-15

For Appellant: Shri Parikshit Aggarwal, CAFor Respondent: Shri Ashok Khanna, Addl.CIT

Section 143(3)Section 250(6)Section 57

…essee in taking overdrafts was not to earn income but to meet the personal liability, interest payment on overdrafts was held to be not allowable deduction under section 57(iii) of the Act(H. H. Maharaja Martand Singh Ju Deo Vs. CIT (1989) Taxation 92(3}-199, 174 ITR 515 (MP): Padmavati Jai Krishna Vs. Addl. CIT (1987) Taxation 86(2)-1: 166 ITR 176 (SC)). Connection between the expenditure and earning of income need not be direct and it may be indirect. But, since the expenditure must have been incurred for the purpose of earning that income, there should be some nexus between the expenditure and the earning of t…