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2016 (11) TMI 393 - ITAT MUMBAI

2016 (11) TMI 393 - ITAT MUMBAI - TMI - Claim of interest made u/s. 24(b) disallowed - completion certificate indicating completion of the flat - Held that:- A careful perusal of the second proviso to section 24 would show that the assessee should acquire or complete construction within three years from the end of financial year in which the capital was borrowed. In the instant case, the assessee has furnished certificate from the Cooperative Society to show that the possession of the flat was t .....

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. 1174/Mum/2014 - Dated:- 19-10-2016 - Shri B. R. Baskaran (AM) And Ramlal Negi (JM) Assessee by : Shri Nitesh Joshi Department by : Shri A.K. Kardam ORDER Per B. R. Baskaran (AM) The appeal filed by the assessee is directed against the order dated 29.11.2012 passed by the learned CIT(A)-5, Mumbai and it relates to A.Y. 2007-08. 2. The assessee is aggrieved by the decision of the learned CIT(A) in confirming the order passed by the Assessing Officer in rejecting deduction claimed by the assessee .....

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did not furnish the same, the Assessing Officer disallowed claim of interest made u/s. 24(b) of the Act. The learned CIT(A) also confirmed the order of the Assessing Officer by holding that the assessee did not furnish completion certificate from the appropriate authority. 4. Learned AR submitted that the assessee entered into an agreement to purchase a flat on 8.9.2004. Flat was ready by October 2006 and the soft possession of the flat was given in October 2006 itself. Final possession of the f .....

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