TMI Blog2013 (5) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... as been made and confirmed in a general way. In view of the foregoing, the authorities were not justified in refusing deduction u/s 24 in respect of interest incurred by the assessee on loan borrowed for purchase of flat. - Decided in favor of assessee. - ITA Nos.8227, 8228, 8229, 8230, 8231/Mum/2010 - - - Dated:- 5-4-2013 - Shri R. S. Syal, AM And Shri Sanjay Garg, JM,JJ. For the Appellant : None For the Respondent : Shri Girija Dayal (CIT-DR) ORDER Per Bench :- These five appeals by the assessee relate to assessment years 2003-2004, 2004-2005, 2005-2006, 2006-2007 and 2007-2008. Since all these appeals are based on similar facts and circumstances involving similar ground, we are, therefore, proceeding to dispose them o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for this purpose alone. It was also stated that the assessee had furnished confirmation letter, relevant bank statement and pass book to substantiate the payment of interest of loan. The learned CIT(A) found force in the assessee's submission that actual payment of interest was not a condition precedent for allowance of deduction u/s 24(1)(vi) of the Act. Since the assessee could not prove that the loan on which interest was paid, was taken for the purchase of flat, the learned CIT(A) sustained the disallowance. 4. We have heard the learned Departmental Representative and perused the relevant material on record. There is no appearance from the side of the assessee. It is seen that the only issue is against the deductibility or otherwise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his submission has also not been controverted by the learned CIT(A) in the impugned order. When confirmation letters were filed and position was shown beyond the iota of doubt that the loan was obtained for the purchase of flat, which fact was further evident from the balance sheet of earlier years, in our considered opinion the deduction ought not to have been denied. In view of the foregoing discussion, we are of the considered opinion that the authorities below were not justified in refusing deduction u/s 24 in respect of interest incurred by the assessee on loan borrowed for purchase of flat. We, therefore, order for the deletion of addition. 5. The learned Departmental Representative was fair enough to concede that the facts and circ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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