MAHESH PRABHASHANKAR DESAI,DHULE vs. WARD 1, DHULE

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI MANISH BORAD, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.1898/PUN/2026 िनधा�रण वष� / Assessment Year : 2022-23 Mahesh Prabhashankar Vs. Assessment Unit, Desai, Income Tax Department. 2627, Lal Haveli Gabi Faliya, Nandurbar- 425412. PAN : AGWPD9122C Appellant Respondent Assessee by : Shri Anish Shah Revenue by : Shri Dr. Amit Munde Date of hearing : 24.08.2026 Date of pronouncement : 25.08.2026 आदेश / ORDER PER MANISH BORAD, AM: This appeal filed at the instance of assessee is directed against the order of Ld. CIT(A)/NFAC dated 19.08.2025 which is arising out of the assessment order u/s 143(3) r.w.s. 144B of the Act for Assessment Year 2022-23 framed on 13.03.2024 by the Assessment Unit, Income Tax Department. 2. Registry informed that there is a delay of 19 days. Affidavit for condonation of delay has been filed. On perusal of the same and

2 ITA No.1898/PUN/2026 considering the contention of Ld. DR, I am satisfied that the reasonable cause prevented the assessee in filing the appeal within the permissible time limit. Therefore, in view of the recent judgement of Hon’ble Supreme Court in the case of Inder Singh vs. The State of Madhya Pradesh (2025) INSC 382 dated 21.03.2025 and taking a justice oriented, I condone the delay of 19 days and admit the appeal for adjudication. 3. The sole grievance of the assessee is against the denial of interest expenses of Rs.45,267/- paid to M/s. Nirmal Bang Security Private Limited. 4. I have heard rival contentions and perused the records placed before me. I notice that the assessee is an individual and e-filed return of income on 27.12.2022 for A.Y. 2022-23 declaring income of Rs.11,13,070/- and the same selected for scrutiny through CASS and assessment completed determining income of Rs.13,42,615/-. The sole issue before me pertains to disallowance of interest expenditure of Rs.45,257/-. On perusal of the records, I notice that the assessee has shown income from share trading business at Rs.9,40,981/- and for arriving at this income, assessee has also

3 ITA No.1898/PUN/2026 claimed interest paid to M/s. Nirmal Bang Security Private Limited, share broker towards delay payment charges. Even though the assessee claimed these expenses along with supporting documents before lower authorities but did not get any relief. 5. I have gone through the ledger account of M/s. Nirmal Bang Security Private Limited for financial year 2021-22 and notice that the delay payment charges are being debited in the assessee’s account on month to month basis. Such charges are for delay in making payment to the broker and in the nature of interest expenses. Since the assessee had offered share trading income under the head “business income”, the assessee is eligible for claim of such interest expenditure and therefore, I fail to find any merit in the findings of Ld. CIT(A)/NFAC and direct the Assessing Officer to allow the deduction for interest expenditure of Rs.45,257/- incurred by the assessee in the due course of business of share trading. Accordingly, alleged disallowance of Rs.45,257/- is deleted. Effective grounds raised by the assessee in this appeal are allowed.

4 ITA No.1898/PUN/2026 6. In the result, the appeal of the assessee is allowed as per terms indicated hereinabove. Order pronounced on this 25th day of August, 2026. Sd/- (MANISH BORAD) ACCOUNTANT MEMBER पुणे / Pune; �दनांक / Dated : 25th August, 2026. Sujeet Sujeet Kumar Digitally signed by Sujeet Kumar Sharma Sharma Date: 2026.08.27 12:18:43 +05'30' आदेश क� �ितिलिप अ�ेिषत / Copy of the Order forwarded to : अपीलाथ� / The Appellant. 1. ��यथ� / The Respondent. 2. 3. The Pr. CIT concerned. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, “SMC” ब�च, 4. पुणे / DR, ITAT, “SMC” Bench, Pune. गाड� फ़ाइल / Guard File. 5. आदेशानुसार / BY ORDER, // True Copy // Assistant Registrar आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.