ITAT Mumbai Allows Interest Netting for Loan to Spouse, Deletes Disallowance Under Section 57

Neeraj Nath Vs ITO (ITAT Mumbai) ITAT Mumbai Allows Interest Netting – Loan to Spouse Treated as Genuine, Not Housing Loan Assessee filed appeal against NFAC’s order dated 21.09.2023 arising out of assessment u/s 143(3). The appeal reached Tribunal with delay of 459 days, for which Assessee sought condonation. He submitted affidavit stating that he suffered a grievous fall in Sept 2023, was bedridden, & his staff inadvertently failed to deliver papers to CA. Believing matter was being pursued, he later discovered lapse upon receipt of penalty notice. Tribunal accepted the explanation, ...