Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]

By Sunayana Dhal - On August 16, 2023 7:30 pm - 2 mins read

Partnership Firm not entitled to Tax Deduction on LTCG - Income Tax Act -Tax Deduction on LTCG - Mortgaging Property - Collateral Security - ITAT -Tax Deduction -Partnership Firm - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that a partnership firm is not entitled to the tax deduction on Long-term capital gain (LTCG) under Section 48(i) of the Income Tax Act, 1961 for mortgaging property as collateral securities. The assessee is a partnership firm and has not filed its return of…

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