https://www.taxtmi.com/caselaws?id=375563 The appellant appealed against the disallowance of deduction of expenses claimed under section 57(iii) of the Income Tax Act. The Assessing Officer disallowed most expenses, except for bank charges, due to lack of nexus with income earned. The Commissioner of Income Tax (Appeals) upheld the disallowance, stating expenses were not wholly for income. The Tribunal partially allowed the appeal, remitting the issue for examination under section 37(1) as business expenses. The challenge on interest imposition under sections 234B and 234D was not specifically addressed. en-us Mon, 18 Feb 2019 00:00:00 +0530 Wed, 20 Feb 2019 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375563 The appellant appealed against the disallowance of deduction of expenses claimed under section 57(iii) of the Income Tax Act. The Assessing Officer disallowed most expenses, except for bank charges, due to lack of nexus with income earned. The Commissioner of Income Tax (Appeals) upheld the disallowance, stating expenses were not wholly for income. The Tribunal partially allowed the appeal, remitting the issue for examination under section 37(1) as business expenses. The challenge on interest imposition under sections 234B and 234D was not specifically addressed. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375563