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Regarding sec 57. of it act

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CA Shyam Agarwal

CA Shyam Agarwal (Querist)
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03 June 2015 hello friends
my client interest on saving account approx 27500 Rs. and expend. 4800 on bank charges or 29312 on bank interest can we claim deduction on these exp. under sec. 57.
Bank charge of Rs. 4800 incl. locker rent of Rs. 3350/-

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 June 2015 No. Interest paid can't be set off against interest income. Pl refer supreme court decision in Dr. V.P. Gopinathan's case reported in [2001] 248 ITR 449.

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