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2018 (4) TMI 389 - AT - Income TaxExpenditure allowable u/s. 57 - rental income from sub leased the property taxed under the head income from other sources - claim of depreciation and corporate expenses etc. - Held that:- A.O. has discussed the applicability of this sub section associated with section 57 of the Act. The AO has given the finding that the expenses claimed have no direct nexus with the earning of the service charges. Such expenses have laid out or expended wholly and exclusively for the purpose of making or earning service charges. The AO has rightly concluded the allowable expenses on proportionate basis. The appellant company has not brought any specific evidence or arguments, which, forces to interfere with the conclusion of the AO. It is, therefore, held that the A.O. is justified in allowing only those expenditure which are allowable u/s.57 of the Act. Appeal filed by the appellant company on this issue is dismissed u/s 250 r.w.s. 251 of the Act and the order of the AO is upheld.
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