Income not forming part of total income and expenditure in relation to such income.

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Full Text of the Document

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....on shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income. (2) Where the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with- (a) the correctness of the claim of expenditure incurred by the assessee; or (b) the claim made by the assessee that no expenditure has been incurred, i....