Case Law Details
Ajay Sharma S/o Sh. Bansi Dhar Sharma Vs JCIT (OSD) (ITAT Amritsar)
The Life Insurance Premium Rs.17,770/- was not claimed during the filing of return and same for tuition fee and repayment of HBL amount of Rs.19,440/-and Rs.2996/- respectively. The copy of the receipts as proof of payments are enclosed in APB 15, 19, and 21. In case interest on HBL the deduction u/s 24B is fully allowed for the assessee, read with section 22 of the Act. The wife of the assessee is not an owner but a co-borrower. She is not eligible for claim of interest as per the Act. We direct the revenue to allow the balance deduction U/s 24, interest on HBL to assessee.
ITAT respectfully consider the order of Goetz India Ltd, supra. The catena of judgments is produced by the ld. Council before the Bench. The orders of the Hon’ble Delhi High Court & Hon’ble High Court of Bombay respectfully observed the order of Hon’ble Apex Court. Here, two issues are formulated, weather the unclaimed deduction can be claim before the assessing authority without filing the revised return and weather the power of the appellate authority can allow the claim of duction which was not claimed in the return of income. We adjudicate the second issue. In our opinion the appellate authority has coterminous power to accept the deduction which was not claimed in ITR. So, the entire claim under section 80C is eligible claim of deduction. During the hearing the assessee had submitted all relevant documents which are also considered by the appellate authority. We accept the claim of assessee related to deduction U/s 80C. We set aside the order of the ld CIT(A) with a direction to allow the deduction, claimed by the assessee.
FULL TEXT OF THE ORDER OF ITAT AMRITSAR
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