ITAT Mumbai Allows Interest Netting for Loan to Spouse, Deletes Disallowance Under Section 57

Neeraj Nath Vs ITO (ITAT Mumbai)

ITAT Mumbai Allows Interest Netting – Loan to Spouse Treated as Genuine, Not Housing Loan

Assessee filed appeal against NFAC’s order dated 21.09.2023 arising out of assessment u/s 143(3). The appeal reached Tribunal with delay of 459 days, for which Assessee sought condonation. He submitted affidavit stating that he suffered a grievous fall in Sept 2023, was bedridden, & his staff inadvertently failed to deliver papers to CA. Believing matter was being pursued, he later discovered lapse upon receipt of penalty notice. Tribunal accepte

Please become a Premium member. If you are already a Premium member, login here to access the full content.