Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 410 - AT - Income TaxAddition on account of ‘income from house property’ - disallowance of the property tax and interest expenses as per provisions of section 24 - HELD THAT:- Once the assessee has paid the property tax of USD 2151.71 through banking channel which is reflected as property tax in the bank statement, therefore, merely because no evidence or proof from the concerned property tax authority for the said payment was obtained should not have been a ground for denying the same. Interest on loan - on perusal of the paper book shows that the assessee has filed the mortgage interest statement in the paper book which gives the details of mortgage interest, mortgage principle, etc. Therefore, CIT(A) is not justified in denying the benefit of interest on bank loan to the assessee - We set aside the order of the CIT(A) and direct the AO to allow the claim of property tax and bank interest from the rental income of USD 16800. The ground of appeal No.2 raised by the assessee is accordingly allowed. Addition u/s 68 - treating the loan taken from relatives as unexplained cash credit - HELD THAT:- Assessee is a resident and had stated to have received the loan from 2 persons namely Mr Naresh Aggarwal and Gaurav Aggarwal which are credited in the NRI account and there is no dispute to the above fact - assessee had furnished the copy of the confirmation of loan and also the passport of Shri Naresh Aggarwal as evidence. The assessee had also filed the copy of bank account of Naresh Aggarwal, affidavit of Shri Naresh Aggarwal, copy of bank account of Shri Gaurav Aggarwal giving loan of USD 5000 to Nitin Gupta, etc.- Since the assessee, in the instant case, has filed the bank statement of Shri Naresh Aggarwal along with his affidavit and confirmation along with his bank account substantiating the loan of 10000 USD, therefore, hold that the ld.CIT(A) was not justified in sustaining the addition. Amount of USD 5000 taken from one Shri Gaurav Aggarwal although the assessee had filed the confirmation of Shri Gaurav Aggarwal along with his passport and affidavit, etc., however, no evidence to prove the credit worthiness of the said loan creditor was produced. The bank statement of Shri Gaurav Aggarwal was not produced. Therefore, considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the AO with a direction to give one opportunity to the assessee to substantiate the loanreceived from Shri Gaurav Aggarwal. - Ground partly allowed for statistical purposes.
|