Case Law Details
Shardaben Bhavani Vs ITO (ITAT Mumbai)
From a conjoint reading of section 24 read with section 22, it can safely be concluded that the deduction under section 24(b) is to be allowed to the owner of property as regards interest payable on amounts borrowed by him for acquiring, constructing, repairing, renewal or reconstruction of the property. Thus, in the backdrop of the aforesaid settled position of law, now when assessee,her son and husband were joint owners of the flat and had, as co-borrowers, raised loan for purchase of the property. AO was directed to allow deduction of the interest on housing loan to assessee to the extent of 1/3rd of aggregate of interest payable on such loan.
FULL TEXT OF THE ITAT JUDGMENT
The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (for short „Act‟), each dated 14.03.2014. That as certain common issues are involved in the appeals, therefore, they are taken up and disposed of by way of a consolidate order. We shall first take up the appeal for A.Y. 2006-07, wherein the assessee assailing the order of the CIT(A) had raised before us the following grounds of appeal:-
“Being aggrieved by the orders of the learned lower authorities, the Appellant craves your Honor’s leave to file the appeal on the following alternative grounds of appeal:
Please become a Premium member. If you are already a Premium member, login here to access the full content.
