Case Law Details
Anushree Agarwal Vs ACIT (ITAT Kolkata)
Ground no.4 it relates to disallowance of interest of Rs.4,62,710/-. We observe that the said expenditure claimed by the assessee was disallowed by the ld.AO. Further, on perusal of the written submissions before the ld. CIT(A) it is discernible that the assessee had taken housing loan from B.O.I (Bank of India) as well as other credit facilities. This loan was taken for the purpose of construction of house property. The said property has been let out on rent. The assessee has filed documentary evidences before the lower authorities to prove that the loans were utilised for construction of rented property and the same is allowable u/s. 24(b) of the Act. The ld. AO has also accepted the fact that the assessee has taken a house building loan from Bank of India for the property located at Thakurpukuar, Kolkata. Though the assessee has paid total interest on borrowed loans including housing loan at Rs. 6,46,390/- the ld. AO allowed only to the extent at Rs. 1,83,680/-. However looking to the fact that the assessee took a housing loan and interest paid thereon is subject to deduction u/s. 24(b) of the Act against rental income. We are of the considered view that the assessee deserves for deduction u/s. 24(b) of the Act of the interest paid on having loan of Rs. 4,62,710/-. We accordingly reverse the finding of the Id. CIT(A) and delete the addition of Rs.4,62,710/-. Ground no. 4 raised by the assessee is allowed.
FULL TEXT OF THE CESTAT KOLKATA ORDER
The instant appeal of the assessee for the assessment years 200910 is directed against the order dt. 23-08-2022 passed u/s. 250 of the Income-tax Act, 1961 [ hereinafter, referred to as ‘the Act’] by the ld. Commissioner of Income-tax, Appeals [ in short, hereafter referred to as ‘the ‘ld. CIT(A) (National Faceless Appeal Centre), Delhi
2. The assessee has raised the following grounds of appeal:-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
