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2015 (10) TMI 398 - PUNJAB AND HARYANA HIGH COURT

2015 (10) TMI 398 - PUNJAB AND HARYANA HIGH COURT - TMI - Entitlement to deduction under Section 24(b) and 80C - Held that:- A plain reading of the provision shows that an assessee is entitled to deduction on the amount of any interest payable on the capital borrowed for the purposes of acquiring, constructing, repairing, renewing or reconstructing the said property. The property is required to be acquired, constructed, repaired, renewed or reconstructed with the borrowed capital. It is concurre .....

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d any capital for the purchase of the property, the assessee was not entitled to any deduction under Section 80C(1) read with 80C(2)(xviii) of the Act. The authorities on appreciation of evidence had rightly declined the claim of the assessee for the deduction under Section 24(b) and 80C of the Act. - Decided against assessee.

Addition on account of 89 liquor bottles - Held that:- The Tribunal had recorded that since the assessee was staying in a joint family consisting of his son and .....

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7-8-2015 - MR. AJAY KUMAR MITTAL AND MR. RAMENDRA JAIN., JJ. For The Assessee Mr. Aman Bansal, Advocate For The Revenue Mr. Rajesh Sethi, Senior Standing counsel with Ms. Pridhi Jaswinder Sandhu, Advocate AJAY KUMAR MITTAL, J. 1. This order shall dispose of a bunch of five appeals bearing ITA Nos. 71, 72, 75, 102 and 121 of 2015 as learned counsel for the parties are agreed that substantial questions of law as claimed by the assessee in all the appeals are similar whereas in ITA No. 72 of 2015 r .....

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61 (in short the Act ) against the orders dated 15.10.2014 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Delhi Bench A , New Delhi (hereinafter referred to as the Tribunal ) in ITA No. 307/Del/2013 for the assessment year 2006- 07, dated 19.11.2012 (Annexure A-2) passed by respondent No.1 and dated 23.12.2011 (Annexure A-1) passed by respondent No.1, claiming the following substantial questions of law:- (i) Whether in facts and circumstances of the present case, the Ld. Authorities .....

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In ITA No. 72 of 2015 relating to the assessment year 2007- 08, following additional question of law has been claimed:- Whether the addition made by the Ld. Authorities below on the ground of expenses incurred on birthday party of grandson without any evidence on record and mere acting on presumptions is legal and justified? 4. In ITA No. 102 of 2015 relating to the assessment year 2010-11, following additional question of law has been claimed:- Whether act on the part of the authorities below t .....

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of the assessee at House No. 854, Sector 15-A, Faridabad. The assessee filed his return under Section 139(1) of the Act and in response to the notice issued under Section 153A of the Act, he again filed the return on 20.10.2010 declaring the income at ₹ 1,12,73,778/-. Respondent No.2 vide assessment order dated 23.12.2011 (Annexure A-1), inter alia, disallowed the deduction under Sections 24 and 80C of the Act. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Inc .....

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t to reproduce Section 24(b) of the Act which reads thus:- 24. Income chargeable under the head Income from house property shall be computed after making the following deductions, namely:- (a) XX XX XX (b) Where the property has been acquired, constructed, repaired, renewed or re-constructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in Sub- Section (2) of Section 23, the amount of deduction shall not exceed thirty .....

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rest, if any payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal installments for the said previous year and for each of the four immediately succeeding previous years. Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate f .....

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f such capital. 9. A plain reading of the above provision shows that an assessee is entitled to deduction on the amount of any interest payable on the capital borrowed for the purposes of acquiring, constructing, repairing, renewing or reconstructing the said property. In other words, the property is required to be acquired, constructed, repaired, renewed or reconstructed with the borrowed capital. It is concurrently recorded by the authorities that the property was purchased by the assessee in .....

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deduction under Section 80C(1) read with 80C(2)(xviii) of the Act. 10. In view of the above, we find that it is a question of fact and the authorities on appreciation of evidence had rightly declined the claim of the assessee for the deduction under Section 24(b) and 80C of the Act. Thus, no question of law as claimed arises. 11. Adverting to the additional claim of the assessee in ITA No. 72 of 2015 on account of expenses incurred on birthday party of grandson, the Tribunal had partly allowed .....

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