Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]

Drawings - non-business - Deduction - ITAT - Taxscan

The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings made for non-business purposes are not allowable as a deduction under section 36(1)(iii) of the Income Tax Act, 1961 The appellant appealed against the orders of the Commissioner of Income Tax (Appeals) dated 06.12.2019 for the Assessment Year (A.Y.) 2011-12 and…

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