Non-business expense cannot be claimed as Business expense to set-off against house property Income

Advertisement C. Krishniah Chetty & Co. Pvt. Ltd. Vs ITO (ITAT Bangalore) The grounds raised by the assessee, are only seeking set off of current year loss against income from house property and carry forward of loss to the future years amounting to Rs.76,26,766/-. The Ld.AR vehemently submitted that, the assessee incurred expenses in terms of salary, vehicle maintenance, taxes which were day-to-day expenses, to keep the business live. He submitted that, merely because no income could be generated during the year, cannot lead to disallowance of the expenditure, incurred for the purpose ...