Income from Salary - 5 Lakh Income from Business - 2 Lakh (loss) Income from other Sources - 1.5 Lakh (includes S.B. interest of Rs. 5000)
Loss from Business is set-off against Income from other sources and the balance Rs. 50,000 is carried forward.
Assessee has claimed deduction u/s 80C of Rs. 1Lakh and u/s 80TTA of Rs. 5,000.
The AO has disallowed the deduction u/s 80TTA on the ground that income from other sources has been set-off against Business Loss. Is his contention correct even though the GTI of the assessee is positive?
18 July 2015
But nothing is written in the section that denies me from claiming deduction under 80TTA. Also the condition for claiming deduction under Chap. VI A is fulfilled i.e. the GTI is positive.
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