investments

[Guest]

i am doctor and i am running my nursing home at haryana. i have done few investment out of my income and from loans taken in residential and commercial property. there is no direct nexus between the loan raised and investment done but the ao has added all in my income in scrutiny quoting some abhishek industry order.what do do?

AI Summary

Doctor Challenges Income Tax Scrutiny Over Property Investments, Citing No Direct Loan-Investment Link; Seeks CA Consultation A doctor operating a nursing home in Haryana raised concerns about income tax scrutiny. The issue involves investments in residential and commercial properties funded by income and loans, with no direct link between the loans and investments. The assessing officer added these investments to the doctor's income, citing an Abhishek Industry order. A respondent advised that if interest expenses aren't related to business income, they might not be deductible, suggesting consultation with a Chartered Accountant (CA) for a detailed case study. The doctor noted consistent tax audits and returns filed by a CA over the past 12 years, questioning the scrutiny's basis.