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 record

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