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2021 (10) TMI 497 - ITAT MUMBAIDisallowance of interest u/s 36(1)(iii) incurred on money borrowed & invested for purchase of office premises - allowable business expenditure or not - appellant seeks fro opportunity of being heard for producing additional evidence to prove that the interest is incurred for business purposes - case was selected for scrutiny under CASS and serving notices u/s 143(2) and 142(1) duly served - HELD THAT:- As AIR i.e. individual transaction statement issued by the Department which relates to the details of transactions for purchases of immovable property, all the details of the property in question before us along with detail of person who purchased the property are mentioned therein. It clearly shows that the property of Andheri (East) referred above was purchased by two persons i.e. assessee and his brother. The property being commercial is not disputed. Under the given facts and circumstances of the case we are the considered view that the interest has been rightly claimed as business expenditure as it has been paid on the loan taken to purchase property for business purposes and interest expenditure has been claimed after deducting tax at source and all documentary evidence placed before us asserts this fact. We therefore, set aside the finding of the Ld. CIT(A) and allow the ground no. 2(a) raised by the assessee.
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