Expenses for Daily Operations Deductible Despite Assessee's Non-Business Role in Airport Construction u/s 37(1) or 'Other Sources'.

Expenses for Daily Operations Deductible Despite Assessee's Non-Business Role in Airport Construction u/s 37(1) or 'Other Sources'. https://www.taxtmi.com/highlights?id=40380 Since assessee is not considered to be in the business of construction of airports per se on its own and is only investing as a promoter, it cannot be considered as business activity of assessee. However, necessary expenditure for running day to day activity of the company has to be allowed as a deduction accordingly either u/s. 37(1) or under the head ‘other sources’ en-us Mon, 16 Jul 2018 13:04:44 +0530 Mon, 16 Jul 2018 13:04:44 +0530 TaxTMI RSS Generator Expenses for Daily Operations Deductible Despite Assessee's Non-Business Role in Airport Construction u/s 37(1) or 'Other Sources'. https://www.taxtmi.com/highlights?id=40380 Since assessee is not considered to be in the business of construction of airports per se on its own and is only investing as a promoter, it cannot be considered as business activity of assessee. However, necessary expenditure for running day to day activity of the company has to be allowed as a deduction accordingly either u/s. 37(1) or under the head ‘other sources’ Highlights Income Tax Mon, 16 Jul 2018 13:04:44 +0530 https://www.taxtmi.com/highlights?id=40380