GURCHARAN SINGH BHATIA,NEW DELHI vs. ACIT CIRCLE-47(1), NEW DELHI
In the result, the appeal of the assessee is allowed
ITA 3433/DEL/2019[2014-15]Status: DisposedITAT Delhi11 Jan 2024AY 2014-15
Bench: Shri Shamim Yahya & Shri Challa Nagendra Prasad:Assessment Year: 2014-15 Shri Gurcharan Singh Bhatia, Vs. Acit, C-9, Westend Colony, Circle 47(1), New Delhi-1100 21 New Delhi (Appellant) (Respondent) (Pan:Ahnpb4697E) Assessee By : S/Shri K. Sampath & V. Rajkumar, Advocates Revenue By : Shri Amit Katoch, Sr. Dr Date Of Hearing : 29.11.2023 Date Of Pronouncement: 11.01.2024 Order Per Challa Nagendra Prasad:This Appeal Is Filed By The Assessee Against The Order Of The Learned Commissioner Of Income-Tax (Appeals)-16, New Delhi
For Appellant: S/Shri K. Sampath & V. RajkumarFor Respondent: Shri Amit Katoch, Sr. DR
Section 37(1)Section 68
there is no nexus between the interest paid on funds
borrowed and the income earned and, therefore, not allowable as
deduction under Section 36(1)(3) of the Act. The claim of the
assessee that the expenditure is allowable under Section 37(1) of
the Act was also denied