M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

gains of business or profession"; ..................." [Emphasis Supplied] I.T.A. Nos. 202-204/Coch/2019 4.6.8. From the above clauses, it is evident that the interest income earned by the assessee on account of withdrawal by the partners is assessable under section 56. Now the question is whether expenditure incurred by the assessee in generation of interest income is allowable as deduction?. Section

M/S.POPULAR FINANCE,PATHANAMTHITTA vs. THE ACIT, CIRCLE-1, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes