Interest & Commission not allowable Due to Lack of Proof of Business Use & Genuineness: ITAT Delhi

Vivek Sheel Aggarwal Vs DCIT (ITAT Delhi)

Summary: The Income Tax Appellate Tribunal (ITAT) Delhi dismissed the appeal filed by Vivek Sheel Aggarwal, upholding the disallowance of interest and commission expenses claimed as deductions. The Assessing Officer (AO) had disallowed ₹39,43,516 claimed under Section 57 of the Income-tax Act, 1961, as interest on a home loan, and ₹11,59,536 claimed as commission expenditure. The AO’s decision was based on the assessee’s failure to provide sufficient evidence demonstrating that the loan was

Please become a Premium member. If you are already a Premium member, login here to access the full content.