Expense on Earning Income from Other Sources only is Allowable u/s 57(iii)

Monarch Commodities Pvt. Ltd. Vs.  DCIT (ITAT Bangalore)  Under section 57(iii) of the Act, only those expenditure are to be allowed which are related to earning of income from other sources. Since the expenditure claimed by the assessee was not incurred to earn income from other sources, the same cannot be allowed. FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- These appeals are preferred by the assesses against the respective order of the CIT(Appeals) on common grounds, except the quantum and for the sake of reference, the grounds raised in ITA No. 1302/Bang/2016 are extracted here under:- â€...