Reopening Quashed as No Lender Certificate Required for Let-Out Property Interest: Bombay HC

Shantilal Gulabchand Muttha Vs ACIT (Bombay High Court) The petition challenged a notice dated 28 March 2021 issued under Section 148 of the Income-tax Act, 1961 for Assessment Year 2014-15, a subsequent notice under Section 143(2) read with Section 147, and the order dated 9 February 2022 rejecting the petitioner’s objections. The petitioner had originally filed his return declaring total income of Rs. 5.87 crore, including rental income from eight let-out properties. In respect of Muttha Chambers II, he received rental income and claimed deduction of interest on borrowed capital under Sect...