CIT Revision Confirms Section 263 Scrutiny: Medical and Grant Expenses Not Fully for Income Earning Purposes, Section 57(iii) Applies.

Revision u/s 263 by CIT - CIT has duly examined the nature of expenses. The expenses are related to medical grants and other grants and J&K flood affected employees - CIT is correct in holding that these expenses cannot be said to be expense wholly and exclusively incurred for the purpose of earning income on dividend and interest income from banks. Provision u/s. 57(iii) are duly applicable on the facts of the case. - Revision order confirmed - AT .....

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