https://www.taxtmi.com/caselaws?id=774242 The Tribunal allowed both appeals, condoning delays of 102 and 72 days due to notices being sent to incorrect email addresses. The Tribunal deleted the disallowance of interest expenses under Section 40(a)(ia) worth Rs. 15,91,452/-, ruling that this provision applies only to business income computation, not expenses claimed against house property rental income. Since the assessee claimed interest against rental income while declaring business income on presumptive basis under Section 44AD, the disallowance was legally untenable. Consequently, the penalty under Section 271(1)(c) was also deleted as its foundation ceased to exist. en-us Mon, 30 Jun 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774242 The Tribunal allowed both appeals, condoning delays of 102 and 72 days due to notices being sent to incorrect email addresses. The Tribunal deleted the disallowance of interest expenses under Section 40(a)(ia) worth Rs. 15,91,452/-, ruling that this provision applies only to business income computation, not expenses claimed against house property rental income. Since the assessee claimed interest against rental income while declaring business income on presumptive basis under Section 44AD, the disallowance was legally untenable. Consequently, the penalty under Section 271(1)(c) was also deleted as its foundation ceased to exist. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774242