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2018 (3) TMI 733 - AT - Income TaxDeposit with Andhra bank to be treated as qualifying for deposit under capital gains scheme - assessee pleads that it was due to mistaken understanding and adverse market situation in real estate as reasonable cause for not making the investment as required by the Act qualifying for exemption from capital gain - Held that:- The assessee has not invested either in flat or construction of accommodation or deposited the sum of ₹ 50 lacs in the designated capital gain account, instead it has deposited the same in Andhra Bank not qualifying for capital gain. The. We find that it is trite law that the assessee can get relief only within the four corners of law. The assessee having not complied with the provisions of law by making the requisite investment in residential accommodation or investment in designated capital gain account cannot claim relief from capital gain to the extent of ₹ 50 lacs deposited in Andhra Bank account which is not qualifying for capital gain exemption. Treatment of interest under housing loan as cost of improvement and application of cost inflation index thereupon - Deductions from income from house property - Held that:- The interest on housing loan has not been mandated to be allowed as deduction otherwise than the prescription of law prescribed as above. Furthermore, we find that the CIT(Appeals) in his appellate order has referred to certain decisions of Hon’ble Apex Court and Hon’ble High Courts which are on this issue and are against the proposition being canvassed by the assessee. It is trite law that the decision from the higher judicial forums take precedence over the decisions of the tribunal. Accordingly, in our considered opinion, the CIT(Appeals) has properly appreciated the issue in light of the relevant law and appropriate case laws from higher forums. Accordingly, we do not find any infirmity in the order of the ld. Commissioner of Income Tax (Appeals). - Assessee appeal dismissed.
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