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Interest Paid to Partnership Firm Allowable Against Interest Income: ITAT Mumbai
Case Law Details
- Case Name
- Nishit Kantilal Savla Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Nishit Kantilal Savla Vs DCIT (ITAT Mumbai)
Interest Paid to Partnership Firm Allowable Against Interest Income – ITAT Mumbai Allows Deduction u/s 57(iii)
Assessee, an individual & partner in M/s Savla Associates and M/s Sadgurukrupa Developers, declared total interest income of ₹44.27 lakh – comprising ₹18.65 lakh from loans & advances and ₹25.61 lakh interest on partner’s capital from Sadgurukrupa Developers. Against this, he claimed deduction of ₹76.06 lakh interest paid to Savla Associates @9% p.a., under Section 57(iii).
AO disallowed the claim holding that the borro...
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