No trading what about expenses?
This query is : Resolved
22 February 2016
Sir,
If the assessee has not done any trading during the year..
I.e opn stock becomes clo stock no purchase no sale..
and has some indirect income such as rent commission or so..
then the expenses claimed in pnl account are allowable in income tax ??
22 February 2016
You will have to really prove the expenditure that you are claiming to be legitimate. Since there is no activity was there a requirement to incur these expenses. If yes then you can claim if no then it will be disallowed.
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