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2017 (11) TMI 459 - AT - Income TaxNature of income - addition on account of interest on borrowed for acquiring immovable property and issuing directions to adjust the same against the income from other sources - house property of income from other sources - Held that:- CIT(A) has rightly held that this is not house property income as contemplated by the Assessing Officer and there is investment in land in the commercial property on which the assessee is getting assured return/interest for his investment of ₹ 6 crores with Omaxe Ltd. Hence, this income has to be treated as income from other sources and the interest paid by him to Reliance Capital should be allowed as expenditure incurred for earning the income u/s 57(3) of the Income Tax Act, 1961. There is no need to interfere with findings given by the CIT(A). Therefore, the present appeal of revenue needs to be dismissed.
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