9911796707
TMI Blog2017 (9) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessment Year 2010-11 on the grounds inter alia that :- "1. That learned CIT(A) has grossly erred in law and on the facts and in the circumstances of the appellant's case in confirming the addition of Rs. 45,95,00,961/- made by the Assessing Officer in respect of interest paid to ICICI Bank towards loan taken for the purpose of, to substitute and repay the existing loan taken for the purpose of construction of property from DLF Limited and DLF Universal Limited by holding that the same has been taken after completion of the property and has not been taken for the purpose of re-payment of loan taken for construction / acquisition of the property. 2. That the impugned order dated 15.09.2014 passed by the learned Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... way of challenging the impugned order passed by ld. CIT. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Ld. AR for the assessee, by relying upon the decision rendered by the coordinate Bench of the Tribunal in assessee's own case for AY 2009-10, available at pages 32 to 41 of the paper book, and order passed by ld. CIT (A) in assessee's own case for AY 2011-12, available at pages 9 to 23 of the paper book, contended that the addition made by AO and affirmed by ld. CIT (A) on account of interest paid towards loan taken to repay the existing loan for the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admissible under section 24(b) of the Act, however, he held that in the instant case fresh loan taken from the ICICI bank has not been utilized for repayment of the loan taken for construction/acquisition of the property. The Ld. counsel submitted before us the Ld. CIT (A) has not issued any notice for enhancement of the income and the assessee has also taken one of the ground in the appeal before us. Ld. counsel submitted that he was not having objection if the matter was restored back to the Ld. CIT-(A). On perusal of sanction letter issued by the ICICI bank, which is available on page 38 of the paper book, we find that there is no mention that the loan was taken for repayment of old loan. In this regard, the learned counsel submitted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oans utilized for acquisition/ construction of the property, may also be verified from the lender bank. It is needless to mention that assessee shall be afforded sufficient opportunity of hearing on the issue in dispute. The grounds of the appeal are accordingly allowed for statistical purposes." 9. Identical issue in assessee's own case has also been taken care of by ld. CIT (A) by deciding the appeal filed by the assessee company for AY 2011-12 by allowing the similar deductions claimed by the assessee. 10. In view of what has been discussed above, we are of the considered view that the assessee company is entitled for deduction of amount of Rs. 45,95,00,961/- paid as interest on loan availed of from ICICI Bank to repay the old existin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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