TMI Blog2021 (9) TMI 954X X X X Extracts X X X X X X X X Extracts X X X X ..... y, we direct the Assessing Officer to delete the impugned addition. Assessee appeal allowed. - ITA No. 1973/DEL/2018 - - - Dated:- 9-9-2021 - N. K. Billaiya, Member (A) And Suchitra Kamble, Member (J) For the Appellant : Rajev Mago, CA For the Respondents : Maninder Kaur, Sr. DR ORDER Per N. K. Billaiya , Accountant Member This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 9, New Delhi dated 22.12.2017 pertaining to Assessment Year 2014-15. 2. The grievances of the assessee read as under: 1. That the Ld. CIT(A)-9, New Delhi and the Ld. Assessing Officer, Circle 27(1), New Delhi have wrongly interpreted the provisions of section 57(iii) of the Act thus ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty whereby he was given a special discount of ₹ 12,36,243/-. Further, on the assessee preferring to adopt the Discounted Cash Down Plan as per para A.2.(c) the assessee was entitled to a monthly guarantee assured income which would further reduced his cost of investment. For earning this income and also availing the discount the assessee, as against liquidation all his investment preferred to go for a top up his home loan to take advantage of the available discount of ₹ 12,36,243/- and also earned income thereon. It can thus be stated that the interest been paid to like bank is for the purpose of availing the discounted scheme and earning interest which has been declared in the return. If the assessee had adopted this finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the ld. counsel for the assessee. In A.Y. 2012-13, on a similar quarrel, the Tribunal set aside the matter to the file of the Assessing Officer for fresh adjudication and we find that the Assessing Officer, vide assessment order dated NIL, framed u/s. 254 of the Act giving effect to the directions of the Tribunal has accepted the contention of the assessee and allowed set off of expenditure against the interest earned. Considering the facts in totality, we direct the Assessing Officer to delete the impugned addition. 9. In the result, the appeal filed by the assessee in ITA No. 2061/DEL/2018 is allowed. The order is pronounced in the open court on 09.09.2021 in the presence of both the rival representatives. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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