Expense incurred for earning income chargeable under income from other source allowable as deduction u/s 57(iii)

Airmid Developers Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that any expenditure incurred for purpose of earning income chargeable under the head ‘income from other sources’ is allowable as deduction u/s. 57(iii) of the Income Tax Act. Facts- The assessee is a company and is engaged in the business of developing, constructing, and dealing in real estate, properties, and construction. The return filed by the assessee was selected for scrutiny and statutory notices u/s. 143(2) as well as Section 142(1) of the Act were issued and served on the assessee. AO passed the draft assessment ord...