2004 (8) TMI 333

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... le to Mrs. Anup Chadha under s. 24(b) [s. 24(1)(vi) was applicable for the asst. yr. 1991-92—Ed.] of the IT Act. 2. The brief facts of the case are that the assessee has constructed a house between 1982 to 1986. During this period the assessee has obtained loans from his wife Smt. Anup Chadha on various dates. The total loan as on 30th Jan., 1986 was of Rs. 64,500. On this amount, the interest w .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ce the taxability. The CIT(A) also confirmed the action of the AO. Now the assessee is in appeal here before the Tribunal. 3. After hearing rival submissions and considering the material placed on record, I find that assessee deserves to succeed in his appeal I noted that loan was taken between 1982 to 1986 and the same was examined also during asst. yr. 1986-87. The loan was taken from his wife .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion of house and interest on loan is allowable as per provisions of law. The deduction also cannot be denied on the reasoning that interest is shown as payable. There may be so many reasons for not paying the interest in the year under consideration and there is no bar that if interest is not paid, then deduction will not be allowed. Therefore, in view of these facts and circumstances, I hold that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X