9911796707
TMI Blog2021 (7) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... who filed its return of income for A.Y. 2013-14 on 03.12.2013 declaring Nil income, current year business loss of Rs. 5,98,037/- and loss from house property Rs. 1,19,20,350/- to be carried forward. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 28.12.2015 and the total taxable income from House property was determined at Rs. 1,80,79,650/-. 4. Aggrieved by the order of AO, assessee carried the matter before the CIT(A) who vide order dated 16.02.2017 (in Appeal No. TR 114/16-17) granted partial relief to the assessee. Aggrieved by the order of CIT(A), assessee and Revenue are now in appeal before us. Before us, Assessee has raised following grounds in ITA No.4095/Del/2017 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not tenable in law and on facts. (b) The appellant craves for reserving the right to amend, modify, alter, add or forego any of the Ground(s) of appeal at any time before or during the hearing of this appeal." We first proceed with assessee's appeal: 6. At the outset, Learned AR submitted that assessee does not wish to press Ground No.2 & 3 raised in its appeal. In view of the aforesaid submission of the assessee these grounds are dismissed as not pressed. 7. He thereafter submitted that remaining ground raised by the assessee and Revenue in its appeal are interconnected and therefore, both can be considered together. 8. During the course of assessment proceedings, AO noted that assessee had set up school at Lonavala together w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed funds for the construction of school building. The submissions of the assessee was not found acceptable to AO. AO was of the view that as per Section 23/24 of the Act, deduction is available only when the funds was used for the purpose of acquisition or construction of the property. He noted that no documentary evidence has been filed by the assessee and the assessee's submissions that the interest has been allowed in earlier years is not found acceptable as according to AO every assessment year is a different year for the purpose of taxation. He therefore held that in the absence of any documentary evidence, the claim of interest of the assessee of Rs. 3 crore to be not allowable and accordingly disallowed the same. Aggrieved by the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee's own case in A.Y. 2010-11 and the Co-ordinate Bench of Tribunal vide order dated 22.06.2018 in ITA No.6177/Del/2014 decided the issue in favour of the assessee by observing as under: "17. We have considered the rival submissions and do not find any justification to sustain the addition. The interest paid on borrowed funds used for the acquisition and construction of the property is an allowable deduction under section 24(b) of the I.T. Act. The authorities below have disallowed 50% of the interest because no bifurcation of the funds used for land and building and other assets have been provided by the assessee. The assessee has, however, given complete details before the Ld. CIT(A) to show how much own funds are available to assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -ordinate Bench of Tribunal by following the order of the Tribunal for A.Y. 2010- 11. We thus find that on identical issue the claim of the assessee has been allowed in earlier years and we further find that CIT(A) while deciding the issue has also noted that in the year under consideration, facts are identical to that of earlier year. 13. Before us, Revenue has not pointed to any distinguishing feature in the facts of the case in the year under consideration and that of the earlier years. Revenue has also not placed any material on record to demonstrate that the ITAT orders in assessee's own case for earlier years has been stayed/ set aside/ overruled by higher judicial forum. We therefore, following the order of the Tribunal in assessee' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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