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section 57(iii) Expense allowable only if the same was for earning income taxable under the head ‘income from other sources’
Case Law Details
- Case Name
- Shri M.J. Aravind Vs The Joint Commissioner of Income Tax (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Bangalore
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Shri M.J. Aravind Vs The JCIT (ITAT Bangalore)
As per the provisions of section 57(iii) of IT Act, any expenditure not being in the nature of capital expenditure laid out or expended wholly and exclusively for the purpose of making or earning such income under the head ‘income from other sources’ is allowable. In addition to that, in respect of income excluding exempt income being interest on securities, any reasonable sum paid by way of commission or remuneration to banker or any other person for the purpose of realising such dividend or interest on behalf of the assessee is allowable as ...
Sir, whether loss of investment made in ponzi scheme is allowable expenses/deduction u/s 57 (iii) .
Partly short term and partly long term. Upto to preceeding previous year income from said scheme was offered to tax…