https://www.taxtmi.com/highlights?id=60664 Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii) of the Act. Under Section 57(iii) of the Act a nexus between the expenditure and income has to be ascertained. The assessee was therefore, entitled to deduction under Section 57(iii) of the Act. - The tribunal exceeded its jurisdiction in disallowing the entire interest expenditure - HC en-us Fri, 26 Nov 2021 20:41:09 +0530 Fri, 26 Nov 2021 20:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60664 Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii) of the Act. Under Section 57(iii) of the Act a nexus between the expenditure and income has to be ascertained. The assessee was therefore, entitled to deduction under Section 57(iii) of the Act. - The tribunal exceeded its jurisdiction in disallowing the entire interest expenditure - HC Highlights Income Tax Fri, 26 Nov 2021 20:41:09 +0530 https://www.taxtmi.com/highlights?id=60664