Set off against remuneration0
Querist : Anonymous
justify with judgments
I disagree with the above Expert.
If the Income in the form of Remuneration is Taxable under business head, then any expenditure incurred to earn such an income can be claimed as a deduction under Sec 37(1).
Therefore in the above case the Car Expenditure can be Claimed on a Proportionate basis. However if the same car expenses was claimed while assessing Income of the Partnership, then it cannot be claimed under while assessing the partner's income.
Thank you,
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Querist : Anonymous
There is no Requirement of any Case Laws since the Intension & Application of the provision of the Act have been met in the above issue.
Thank you
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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