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.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
