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Intrest income from Other Sources

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30 June 2009 I have FD with Bank and recived interest 150000 I have taken loan with this Fd and paid Interest 175000.

and OD amount which i take from bank in this i recived Interest 220000.

can i adjust (220000-175000) or not as per Section 58 or not Please answer.

Please case tell any case law or exp.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
30 June 2009 Yes u can
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 June 2009 Interest earned on FD cannot be set off against the interest paid on the loan taken against that FD.
Citation:- CIT Vs. Dr.V.P.Gopinathan 248 ITR 449 (SC).
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Praveen Sharma

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Praveen Sharma (Expert)
30 June 2009 u can't set off both interest.
as per apex court decision.

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