Deduction from Income from other sources u/s 57(iii)::

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.

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Judgements Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 07941056694

70 Views Comment Share Income Tax Report

Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

View Judgements

Comments