9911796707
TMI Blog2015 (8) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008-209 and as AO considered the said claim under Section 57(iii) of the Act and disallowed the deduction - Held that:- The income in question was returned as income from other sources. When an income has been returned as income from other sources, one of the heads of income provided in Section 40, deduction can also be only under the provisions in the same head of income. Therefore, in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 36 is permissible only in so far as the income under the head 'profits and gains of business or profession'. Therefore, this claim of the assessee also cannot be sustained. We do not find anything illegal in the conclusions of the Tribunal. - Decided against assessee. - I.T.A.No.3 of 2015 - - - Dated:- 21-7-2015 - ANTONY DOMINIC AND SHAJI P. CHALY, JJ. FOR THE APPELLANT : SRI.V.ABRAHAM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act. 3. Since the subsidiary company was incurring huge losses, the assessee had written off interest and lease charges and claimed its deduction in the assessment year 2008-2009. The Assessing Officer considered the said claim under Section 57(iii) of the Act and disallowed the deduction. The appeal filed before the Commissioner was allowed in favour of the assessee. 4. The appellate or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome. Therefore, in respect of income from other sources, deduction of income is permissible only under Section 57, sub section (iii) of which provides for deduction of any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly or exclusively for the purpose of making or earning such income. Evidently, this provision is not attracted in the case in question ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
