ITAT Allows Remand for Proportionate Expense Deduction Under Section 57

Nautilus Premise Owners Association Vs ITO (ITAT Ahmedabad) Deduction of expense u/s 57 (iii) was allowable if a direct nexus between the expense and the income was proven by the taxpayer Conclusion: Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57. Therefore, the matter was remanded back to give assessee a fresh opportunity to provide this specifi...