Case Law Details
Sh. Subhash Bana Vs. ACIT (ITAT Delhi)
Deduction u/s. 24(b) and computation of capital gains u/s 48 were altogether covered by different heads of income i.e., income from ‘house property’ and ‘capital gains’. None of them excludes operation of the other. The interest in question was indeed expenditure in acquiring asset. Since both provisions were altogether different, assessee was entitled to include interest paid on housing loan for computation of capital gains u/s 48 despite the fact that same had been claimed u/s 24(b) while computing income from house property.
FULL TEXT OF THE ITAT JUDGMENT
The present appeal has been filed by assessee against order dated 20/11/14 passed by Ld.CIT(A) for assessment year 2011-12 on the following grounds of appeal:
“1. That Order of the Learned Income Tax Officer is wrong and bad in law to the extent of addition made to the income of the Assessee, and the Learned Commissioner of Income Tax (Appeal) has also erred while confirming the additions as per the grounds following.
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