Gujarat HC allows Income Tax Deduction for Payment made to Clear Mortgage, dismisses Revenue’s Appeal u/s 263 [Read Order]

The ITAT found that the Assessing Officer had conducted appropriate inquiries and made a legally plausible decision
Income Tax - Gujarat High Court - Gujarat HC - Income Tax Deduction - Income Tax - TAXSCAN

The Gujarat High Court has upheld the decision of the Income Tax Appellate Tribunal ( ITAT ) to allow income tax deduction for payment made to clear a mortgage, dismissing the appeal filed by the Principal Commissioner of Income Tax ( PCIT ). The assessee, Rinki Shashikant Gandhi, declaring a total income of Rs. 25,000…

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