Deduction on Interest Payment Restored as ITAT Finds Transaction Genuine

Ghanshyam Arjanbhai Patel Vs ITO (ITAT Ahmedabad) This order addresses an appeal filed by the assessee, Ghanshyam Arjanbhai Patel, against the order of the National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year (A.Y.) 2020-21. The central issue was the confirmation of an addition of ₹21,98,647/-, representing interest paid and claimed as a deduction under Section 57 of the Income Tax Act. I. Background and Addition by the AO The assessee, an individual, filed a return declaring a total income of ₹24,71,050/-, earning income from salary, house property, capital gain, and inc...