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DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR HIGHER EDUCATION

Income Tax - Direct Tax Code - DTC - By: - Mr. M. GOVINDARAJAN - Dated:- 9-11-2015 - Section 80E of the Income Tax Act, 1961 ( Act for short) allowed from the financial institution or any approved charitable institution. For the purposes the term higher education is defined as any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognized by the Central Government or State Government or local authority or by any other .....

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ritable institution shall be an institution specified in, or, as the case may be, an institution established for charitable purposes and approved by the prescribed authority under Section 10(23C) of the Act or an institution specified under Section 80G(2). The issue to be discussed in this article whether such higher education should be in India or it may be in abroad with reference to decided case law in Nitin Shantilal Muthiyan V. Deputy Commissioner of Income Tax - 2015 (9) TMI 947 - ITAT PUN .....

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deduction claimed under Section 80E amounting to ₹ 73,125/ should not be disallowed since the same is allowable only in case of higher education pursued in Indian Educational Institutes duly authorized in India and not for higher education pursued abroad or in foreign educational institutes. The assessee contended before the Assessing Authority that nowhere in the Act it is mentioned that the education should be taken only in India. The Assessing Authority rejected his explanation and conf .....

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ose; There is no evidence to suggest that he is pursuing higher education; The assessee has no even given name or program undertaken by his in any of the authorized University or Institute; Therefore the appeal lies before the Tribunal. Before the Tribunal the appellant submitted the following: Both the lower authorities have failed to read the provisions in proper perspective; The Assessing Officer, in his order confirmed the demand the educational institute has not been approved under the prov .....

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