TMI Blog2013 (6) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... No material has been brought on record by the ld. AR of the assessee to controvert the above finding of the ld. CIT(A). No material was also brought on record by the ld. AR to show that any expenditure more than ₹ 50,000/- was incurred by the assessee on account of interest for earning of interest income. - IT(SS)A No.05/Kol/2012 - - - Dated:- 11-6-2013 - Sri N.S.Saini AM Sri Mahavir Singh, JM For the Appellant: Shri M.Satnaliwala, FCA For the Respondent: Shri A.K.Mahapatra, CIT ORDER Per Shri N.S.Saini, AM This is an appeal filed by the assesee against the order of ld. CIT(A)-Central-I, Kolkata dated 19.12.2011. 2. The first ground of appeal taken by the assessee is that the ld. CIT(A) was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. CIT(A) and dismiss this ground of appeal of the assesee. 7. The other ground of appeal raised by the assessee is that the ld. CIT(A) was not justified in sustaining the disallowance of ₹ 12,35,114/- out of interest paid. 8. The facts of the case are that the assessee had claimed deduction for interest expenditure of ₹ 66,54,339/- u/s 24(b) of the Act under the head income from house property. The AO found that the assessee had taken loan from Axis Bank Ltd. during the month of September 2007 of ₹ 65,44,71,63/- to repay the existing loan and balance was utilsied for other purposes. He found that investment in House Property was ₹ 4,47,67,130/- whereas loan taken from Axis Bank was ₹ 6,54,47,163/- on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the undisputed facts of the case are that the assessee had claimed deduction for interest expenditure of ₹ 66,54,339/- u/s 24(b) of the Act under the head income from house property. The AO found that the assessee had taken loan from Axis Bank Ltd. during the month of September 2007 of ₹ 65,44,71,63/- to repay the existing loan and balance was utilsied for other purposes. He found that investment in House Property was ₹ 4,47,67,130/- whereas loan taken from Axis Bank was ₹ 6,54,47,163/- on which assessee paid interest of ₹ 40,67,163/-. Therefore he held that the assessee was entitled to deduction in respect of interest payable for money borrowed for house property. Accordingly he allowed deduction for proport ..... X X X X Extracts X X X X X X X X Extracts X X X X
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