9911796707
TMI Blog2012 (7) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... rt of the condonation of delay, the assessee has filed an application along with affidavit of Shri Pawan Gupta S/o late Shri M.L. Gupta. It is pleaded in the application that the order of the Learned CIT(Appeals) was served upon the assessee on 27th September 2010. The appeal was presented before the ITAT on 16.12.2010. Shri Pawan Gupta, CA has deposed in his affidavit that he was regularly handling the incometax matters of the assessee. In the year 2010, he was out of station when the order of the Learned CIT(Appeals) was communicated to his office by the assessee and he could not attend the work on account of his absence from the city. The appeal could not be filed well in time by the assessee. 3. On due consideration of the explanation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wance. With the assistance of learned representatives, we have gone through the record carefully. In our opinion, the assessee failed to submit evidence in support of its claim. No material was brought on the record indicating the fact that the assessee has carried out business activities. In this year, it has only shown rental income and against such income, the expenses enumerated in section 24b can be allowed. These expenses do not fall within the ambit of section 24b, hence, in our opinion, learned Assessing Officer has rightly disallowed the claim of the assessee. 7. In the next ground of appeal, grievance of the assessee is that Learned CIT(Appeals) has erred in confirming the disallowance of Rs. 14,23,797. The brief facts of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent received on the property situated at C-22A, Sector 57, Noida to M/s. Rare Garments Pvt. Ltd. situated at G-15, Preet Vihar, Delhi-1100 92 and charged a sum of Rs. 14,23,797 as bank interest up to 31.3.2006." As can be seen from the above, the certificate issued by the Bank is silent on the purpose for which the loan of Rs. 1,95,00,000 has been granted and the purpose for which the above amount has actually been utilized by the appellant company. The learned AR has also not made any submission on the matter either. Considering the above, the disallowance of Rs. 14,23,797 made by the A.O. is found to be in order and is confirmed". 9. The learned counsel for the assessee submitted that assessee took loan of Rs. 2,51,23,774 from different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the controversy, therefore, it is imperative upon us to take note of the relevant clauses. It reads as under: 24. Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:- (a) .............. (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: .......... [Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth the Revenue Authorities Below have failed to look into the accounts of the assessee for earlier years i.e. balance sheet, ledger account etc. The assessee has alleged that it has raised unsecured loan from individual for construction. These loans were repaid by taking a term loan from the bank. Considering all these details, we deem it appropriate to set aside this issue to the file of the learned Assessing Officer for verification and readjudicate of this issue. The assessee will be at liberty to submit all necessary details in support of its claim. Learned Assessing Officer shall decide the issue after providing due opportunity of hearing to the assessee. 12. In the result, the appeal of the assessee is partly allowed for statistical ..... X X X X Extracts X X X X X X X X Extracts X X X X
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