Assessment of expenditure related to exempt income: tax officer may apply prescribed method if assessee's claim is unsatisfactory. The Assessing Officer is empowered to determine the amount of expenditure attributable to income that is not part of total taxable income using a prescribed method where the officer, having regard to the assessee's accounts, is not satisfied with the assessee's claim; the same rule applies when the assessee claims no expenditure was incurred in relation to such non taxable income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment of expenditure related to exempt income: tax officer may apply prescribed method if assessee's claim is unsatisfactory.
The Assessing Officer is empowered to determine the amount of expenditure attributable to income that is not part of total taxable income using a prescribed method where the officer, having regard to the assessee's accounts, is not satisfied with the assessee's claim; the same rule applies when the assessee claims no expenditure was incurred in relation to such non taxable income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
