ITAT upholds disallowance of Expense against rental/Interest income & Partnership Firm Profit Share

Kanti Thermo Equip Pvt Ltd Vs ACIT (ITAT Mumbai) The recent ruling by the Income Tax Appellate Tribunal (ITAT) Mumbai in the case of Kanti Thermo Equip Pvt Ltd vs Assistant Commissioner of Income Tax (ACIT) addressed significant issues regarding the assessment of rental income, share of profit, and interest income for the assessment year 2014-15. This article delves into the details of the case and the tribunal’s decision. Assessment of Deemed Rental Income: The dispute arose from the assessment of the annual rental value of a property, Marathon Innova A-902, which remained vacant throug...