Professional income V/s Salary income - When an assessee insists ...
Income Tax
December 13, 2021
Professional income V/s Salary income - When an assessee insists that he is rendering professional / technical services to a company, the burden is on him to prove the same. - Only such expenditure which has been incurred wholly and exclusively to earn a particular income is allowable as a deduction from such income. In the instant case, there is no relation whatsoever between the interest expenditure from a mortgaged loan and the payment received for rendering certain services. Advancing interest free loans to the employer company cannot be a ground for claiming deduction of interest expenditure from the salary income received from it. - AT
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