https://www.taxtmi.com/highlights?id=81087 The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion to the principal and interest received from the builder. The Tribunal held that section 57(iii) allows deduction of expenses wholly and exclusively incurred for earning such income, without enabling the Assessing Officer to estimate and disallow a portion. The expenditure was incurred to recover the entire amount, including principal and interest, from the builder through brokers. The interest component was offered as income, and the related expenses were wholly deductible. The Tribunal allowed the ground, stating that the expenditure had a direct connection with earning the ..... en-us Fri, 06 Sep 2024 08:21:11 +0530 Fri, 06 Sep 2024 08:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81087 The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion to the principal and interest received from the builder. The Tribunal held that section 57(iii) allows deduction of expenses wholly and exclusively incurred for earning such income, without enabling the Assessing Officer to estimate and disallow a portion. The expenditure was incurred to recover the entire amount, including principal and interest, from the builder through brokers. The interest component was offered as income, and the related expenses were wholly deductible. The Tribunal allowed the ground, stating that the expenditure had a direct connection with earning the ..... Highlights Income Tax Fri, 06 Sep 2024 08:21:11 +0530 https://www.taxtmi.com/highlights?id=81087