ISHWARDAS SATYANARAYAN GUPTA,MUMBAI vs. ITO, WARD-41(3)(2), MUMBAI

ITA 2058/MUM/2023Status: DisposedITAT Mumbai15 September 2023AY 2014-1513 pages
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What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal, citing substantial justice. It held that interest paid on loans borrowed for introducing capital in a partnership firm is deductible against remuneration received from the firm, as remuneration is considered income from business.

What were the facts?

The assessee filed an appeal with a delay of 53 days due to not receiving the CIT(A)'s order on their email. The assessee claimed interest expenses against remuneration received from a partnership firm, which was disallowed by the Assessing Officer and confirmed by the CIT(A).

What were the issues?

Whether the delay in filing the appeal can be condoned, and whether interest paid on borrowed funds introduced as capital in a partnership firm is deductible against remuneration received from that firm.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 143(2),Section 142(1),Section 28(v),Section 67(3),Section 36(1)(iii)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI

Before: SHRI VIKAS AWASTHY, HONBLE & SHRI S. RIFAUR RAHMAN, HONBLE

For Appellant: Shri Rajesh Shah
For Respondent: Shri H.M. Bhatt
Pronounced: 15.09.2023

PER S. RIFAUR RAHMAN (AM)

This appeal is filed by the assessee against order of Learned

1.

Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [hereinafter in short “Ld.CIT(A)”] dated 08.02.2023 for the A.Y.2014-15. Ishwardas Satyanarayan Gupta The present appeal is filed by the assessee with a delay of 53 days 2. and assessee also filed an affidavit in this regard and prayed for condonation of delay. Assessee filed an affidavit dated 26.05.2023 and submitted as under: - “Ishwardas S. Gupta, being an individual an appellant would like to state as under:

The order continues below.

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