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Expenses having no nexus with earning of income u/s 57 not allowed
Case Law Details
- Case Name
- M/s. M.R.M. Plantations P. Ltd. Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chennai
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Brief of the Case
ITAT Chennai held In the case of M/s. M.R.M. Plantations P. Ltd. vs. DCIT that u/s 57 only expenditure incurred in connection with earning of income was allowable as deduction. The assessee admitted that the entire income is by way of interest from the bank deposits. It was seen that the expenditure made by the assessee towards salary, remuneration, commission, building maintenance etc, these expenses have no nexus with earning of interest on bank deposits and cannot be allowed as deduction u/s.57.
Facts of the Case
ITA No.2947/Mds/2014
The assessee filed its return of inc...
