No Deduction u/s 48 for Post-Acquisition Mortgage Debt Repayment

Surajkumar & Sons Vs ITO (ITAT Mumbai) ITAT Mumbai held that the assessee not entitled to deduction u/s 48(i) of the Act for repayment of the mortgage debt which was incurred subsequent to the acquisition of the property and not for the purpose of acquisition. Facts- The assessee is a partnership firm and has not filed its return of income during the impugned year for the reasons that it did not have taxable income. The assessee’s case was re-opened after duly recording the reasons for re-opening u/s. 147 of the Act vide notice u/s. 148 dated 31.03.2017 and notice u/s. 142(1) dated 13.06...