Deduction of Expenditure u/s 57(iii) can be for Negative or Positive Income: ITAT quashes Order of CIT(A) [Read Order]

By Taxscan Team - On November 18, 2022 12:51 pm - 2 mins read
Deduction - Expenditure - Income - ITAT - taxscan

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction of expenditure u/s 57(iii) of the Income Tax Act,1961 can be for negative or positive income. Sh. Tejinder Singh, the assessee is a salaried employee of M/s Medel India Pvt. Ltd. as a Director since 2006.  The return of income…

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