Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from operations in the P&L Account - As the interest expenses incurred on the borrowing which are utilized for acquiring the assets, income derived from which is credited to P&L account and offered to tax. There is a direct nexus between the income offered and the expenditure claimed. - AT
Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from operations in the P&L Account - As the interest expenses incurred on the borrowing which are utilized for acquiring the assets, income derived from which is credited to P&L account and offered to tax. There is a direct nexus between the income offered and the expenditure claimed. - AT
Note: It is a system-generated summary and is for quick reference only.
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