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2016 (7) TMI 511 - AT - Income TaxRevision u/s 263 - loss from house property which was set off from income of business and profession need to disallowed as there was no scope for taking possession of the flat in the financial year 2011-12 and claiming the loss in-house property - Held that:- We find that the assessee had purchased a residential unit, vide agreement dated 08/09/2011, for ₹ 1. 06 corrodes, that he had taken a loan of ₹ 90. 54 lakhs from a bank, that he had submitted the copies of agreement for purchase of the flat along with the loan agreement and the confirmations of the family members who had advanced loan to him , that during the assessment proceedings the AO had directed the assessee in his notice issued u/s. 142 (1) to file details of investments made during the year, that the AO had also directed the assessee to explain as to why disallowance should not be made in respect of the income from house property where the assessee had declared the loss of ₹ 3, 00, 990/-(page 16 of PB). We find that the AO had made proper enquiries about the house property income and the loss claimed by the assessee during the assessment proceedings. After considering the available material the AO had arrived at a definite conclusion. In our opinion, the assessment passed by the AO with regard to house property income and loss claimed by the assessee cannot be termed as erroneous or prejudicial to interest of revenue. Revision order dismissed - Decided in favour of assessee
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