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2021 (9) TMI 1069 - AT - Income TaxIncome from house property - Addition of estimated deemed rent on unsold flats of assessee's project - unsold flats that were held by the assessee as stock-in-trade of its business as that of a builder and a developer - HELD THAT:- As relying on assessee's ow case [2019 (4) TMI 2016 - ITAT MUMBAI] find no infirmity in the view taken by the CIT(A) who had rightly vacated the addition that was made by the A.O towards the deemed ALV of the unsold flats that were held by the assessee as stock-in-trade of its business of a builder and developer, we uphold the same. The Ground of appeal No.1 is dismissed. Deduction of interest expenditure u/s 36(1)(iii) - HELD THAT:- As per order passed u/s 143(3) r.w.s 254, for A.Y 2012-13 that the assesse had sufficient interest free funds available with it to source the interest free advances of ₹ 13,32,13,440/- that were given by it in the previous assessment years i.e the year ended 31.03.2005, 31.03.2007, 31.03.2009 and 31.03.2010 and no interest free advances had thereafter been given by the assessee during the period 31.03.2013 to 31.03.2015, therefore, we find no justification to take a different view and sustain any part of the disallowance of the assessee‟s claim for deduction of interest expenditure u/s 36(1)(iii) of the Act - CIT(A) had rightly observed that no part of the assessee‟s claim for deduction u/s 36(1)(iii) of interest expenditure could have been disallowed - Decided in favour of assessee.
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