Application of disallowance rule to income from other sources extends business disallowance treatment to other sources income computation. The amendment treats section 58 as sub section (1) and inserts a provision making the disallowance sub clause of section 40 applicable, as far as may be, to computation of income under the head Income from other sources in the same manner as it applies to Profits and gains of business or profession.
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.
Application of disallowance rule to income from other sources extends business disallowance treatment to other sources income computation.
The amendment treats section 58 as sub section (1) and inserts a provision making the disallowance sub clause of section 40 applicable, as far as may be, to computation of income under the head Income from other sources in the same manner as it applies to Profits and gains of business or profession.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.