Deduction from Income from other sources u/s 57(iii)::
Last updated: 07 September 2007
Court :
HC
Brief :
Held by Ho"ble Court that it is not necessary that the expenditure is obligatory, only fact to be shown is that the sum has been paid voluntarily and out of commercial expediency for the making or earning of income. The amount spent is not application of income but was incurred wholly and exclusively for making or earning income, hence,deductible u/s 57(iii).
Citation :
Bhagwatilal G.Shah Vs. C.I.T.
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CA.Saibaburao Nanduri
Published in Income Tax
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