ITAT Mumbai Allows Deduction for Interest Expenditure against rental income

Sujeev Sanjeev Kharwadkar Vs ACIT (ITAT Mumbai) Introduction: Sujeev Sanjeev Kharwadkar contested a decision by the CIT(A) challenging the order regarding the deduction of interest payable on housing loans. This appeal, dated 23.5.2023, pertains to the assessment year 2013-14. Detailed Analysis: The assessee, a full-time employee of Jet Airways India Limited, initially filed a belated return of income beyond the prescribed due date. Subsequently, a revised return was filed, declaring rental and interest income omitted in the original filing. The Assessing Officer, citing legal principles, reje...