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2015 (2) TMI 443 - ITAT HYDERABADDeduction u/s. 24(b) - Interest on second loan claimed as deduction from house property income - Held that:- As observed that the claim of the assessee for deduction on account of interest under S.24(b) was allowed by the learned CIT(A) relying on the CBDT Circular No.28 dated 20.8.1969, wherein it is clarified by the CBDT that if the second borrowing has really been used merely to repay the original loan taken for the acquisition or construction of the house property, and this fact is proved to the satisfaction of the AO, the interest paid on the second loan would also be allowed as deduction. - Assesse submitted that all the fixed deposits were mobilised by the assessee during the respective earlier years when the construction of the hospital building was carried on and the assessee is in a position to establish that the said deposits were utilized for the construction of hospital building, if opportunity is afforded to him in this regard. - matter remanded back to the file of the Assessing Officer with a direction to decide the same afresh in the light of the CBDT Circular dated 20.8.1969, after giving the assessee proper and sufficient opportunity to establish that the fixed deposits mobilized during the earlier years were utilize for the construction of the hospital building. - Decided in favour of revenue for statistical purposes. Unexplained cash deposit found to be made by the assessee in his bank account - Held that:- Before us, the learned counsel for the assessee has submitted that besides pointing out the mistake in the amount of cash deposit taken by the Assessing Officer, explanation as regards to the source of the cash deposit of ₹ 1,56,000 made in the bank account with DCB Bank was also offered by the assessee before the CIT(A). He has contended that the learned CIT(A) however, has failed to consider said explanation and urged that the matter may therefore be restored to the file of the Assessing Officer for verifying the explanation of the assessee as regards the cash deposit of ₹ 1,56,00 made in the bank account. Since the DR has not raised any objection in this regard, we restore this issue also to the file of the Assessing Officer for deciding the same afresh after giving the assessee proper and sufficient opportunity to explain the source of the cash of ₹ 1,56,000 deposited in the bank account on 4.7.2007. - Decided in favour of assessee for statistical purposes.
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