ITAT Mumbai allows Interest Deduction as Advances were for Business Purpose

ACIT Vs J M Financial Properties and Holdings Limited (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai has dismissed appeals filed by the Assistant Commissioner of Income Tax (ACIT) against JM Financial Properties and Holdings Limited, affirming the deletion of interest expense disallowances for Assessment Years 2013-14 and 2014-15. The ruling, issued on May 28, 2025, upholds the decision of the National Faceless Appeal Centre (NFAC), Delhi, which had sided with the assessee. The core of the dispute revolved around the disallowance of interest expenditure claimed by JM Financial P...