2026 (3) TMI 1101

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....RDER 1. The appeal in ITA No. 528/AGR/2025 for AY 2023-24, arises out of the order of the ld National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. CIT(A)', in short] dated 08.10.2025 against the order of assessment passed u/s 143(3) r.w.s. 144B of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 12.03.2025 by the Assessing Officer, ITO, Ward-4(3)(4)....

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....l asset together with the complete summary transaction of virtual digital assets before the learned AO. The assessee submitted that he had borrowed loan and had made investment in virtual digital asset (cryptocurrency) which is a capital asset. Accordingly, the interest expenditure on loan was actually incurred for acquiring the capital asset which would be eligible for deduction while computing t....

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.... the learned AO was upheld by the learned NFAC. 4. I find that assessee had taken loan from Mrs. New Poddar Garments, Hathras on which interest of Rs. 5,74,560 has been paid. This loan was invested by the assessee in virtual digital assets (cryptocurrency). This fact is not in dispute before me. Hence the direct nexus of loan taken and the amount invested is established beyond reasonable doubt ....