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Section 2638 Section 143(3)4

MAX FINANCIAL SERVICE LIMITED ,NAWANSHAHR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, the appeal of the assessee is therefore partly allowed

ITA 121/ASR/2020[2015-16]Status: DisposedITAT Amritsar31 Mar 2021AY 2015-16

For Appellant: Shri Deepak ChopraFor Respondent: Smt.Prabhjot Kaur, CIT

Section 143(3)Section 263

deemed to have been incurred for the purpose of business or profession and no deduction of allowance shall be made in respect of such expenditure. An expenditure can be claimed as a deduction while computing income from “business or profession” if the following condition are fulfilled. (i) Expenditure is not of the nature as described in section