ITAT Directs Re-examination of Disallowed Interest Paid to Partners

Ruskin Chemipharm Vs ACIT (ITAT Mumbai) Introduction: The case of Ruskin Chemipharm vs. ACIT (ITAT Mumbai) revolves around an appeal filed by the assessee against the order passed under section 250 of the Income Tax Act, 1961, by the Commissioner of Income Tax (Appeals), National Faceless Appeal Center, Delhi (CIT(A)). The primary contention is the disallowance of interest paid to partners due to a mistake in the Tax Audit Report. 1. Background: Ruskin Chemipharm, a registered partnership firm, filed its income tax return for the assessment year 2018-19, declaring a total income of Rs. 1,34,90...