https://www.taxtmi.com/caselaws?id=173484 Section 12(2) of the Indian Income Tax Act, 1922 allows only non-personal, non-capital expenditure incurred solely to earn the income of the relevant year under the residual head of income. An outlay made years earlier on erecting buildings on leased land cannot be carried forward and deducted against later rental income, because the allowance must relate to expenditure incurred in the year in which the assessable income arises. The claimed deduction was therefore not admissible. en-us Fri, 28 Apr 1933 00:00:00 +0530 Wed, 16 Sep 2015 16:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173484 Section 12(2) of the Indian Income Tax Act, 1922 allows only non-personal, non-capital expenditure incurred solely to earn the income of the relevant year under the residual head of income. An outlay made years earlier on erecting buildings on leased land cannot be carried forward and deducted against later rental income, because the allowance must relate to expenditure incurred in the year in which the assessable income arises. The claimed deduction was therefore not admissible. Case-Laws Income Tax Fri, 28 Apr 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173484