Expenses as claimed u/s. 57(iii) - old dues not payable shown as ...

Claimed Expenses u/s 57(iii) Disallowed; Additions Confirmed Due to Lack of Repayment Efforts to Deceased's Heirs.

November 16, 2022

Case Laws Income Tax AT

Expenses as claimed u/s. 57(iii) - old dues not payable shown as Income from other sources - If the advance was taken from a Person who is now expired as per submissions made before the CIT(A) by the assessee, the assessee has not shown any measures taken by him as to whether in legal heirs of the said party are present to whom the dues can be repaid. Merely writing off the dues cannot allow the claim of the assessee. - Additions confirmed - AT

View Source

← Previous Next →

Expenses as claimed u/s. 57(iii) - old dues not payable shown as ...

Claimed Expenses u/s 57(iii) Disallowed; Additions Confirmed Due to Lack of Repayment Efforts to Deceased's Heirs.

November 16, 2022

Case Laws Income Tax AT

You may also like:

The ITAT held that expenses claimed u/s 57(iii) lacked nexus with interest income earned on fixed deposits. The interest expenditure was for liquidation expenses, not...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Disallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - As abundantly...

Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

Disallowing part of interest expense claimed u/s 57 - expenditure incurred by the assessee, genuineness of which was not disputed by the A.O are allowable expenditure in...

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

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 -...

Addition to towards interest expenses - borrowing money from related party (partnership firm) at higher rate of interest and lending the same at lower interest rate -...

Assessee's claims for foreign travel expenses, physical fitness expenses, personal expenses, security charges, and swimming pool charges were partially disallowed due to...

Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

Onus on assessee to explain exorbitant increase in transport expenses and support with proper bills/vouchers, which assessee failed. Sample bills/vouchers not for...

Computation of capital Gain - Disallowance being expenses towards the additional work undertaken by the assessee in respect of the flat purchased by her for a...

Quick Updates: