Gujarat HC on allowability of expenses incurred for clearing mortgage debts

PCIT Vs Rinki Shashikant Gandhi (Gujarat High Court) In a significant ruling, the Gujarat High Court recently addressed the appeal by the Principal Commissioner of Income Tax (PCIT) against Rinki Shashikant Gandhi. The case involved a dispute over the deduction of expenses related to property transactions for Assessment Year 2013-14. The court’s decision provides clarity on the applicability of Section 263 of the Income Tax Act, 1961, concerning the correctness of assessment orders. The dispute arose when the PCIT challenged the Assessing Officer’s decision to allow a deduction of ...