The general expenses claimed by the assessee consisted of electricity charges, miscellaneous expenses, audit fees etc
In recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed deduction for electricity charges, miscellaneous expenses and audit fees under Section 57 of Income Tax Act, 1961, for interest income earners. The assessee was engaged in the business of manufacture of thermo equipment. Since the assessee had stopped business…
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