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TMI Blog2016 (11) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... ital was borrowed. In the instant case, the assessee has furnished certificate from the Cooperative Society to show that the possession of the flat was taken in October 2006 and March 2007. Further, the proviso nowhere states that the assessee should furnish completion certificate from the appropriate (Government) authorities. In our view, the evidences furnished by the assessee sufficiently prove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the I.T. Act. 3. We have heard the parties and perused the record. The assessee had purchased a flat from Marathon Realty Limited by availing loan from IDBI Bank. The assessee claimed deduction of interest to the extent of ₹ 1,50,000/- u/s. 24(b) of the Act. During the course of assessment proceedings, the Assessing Officer asked the assessee to produce completion certificate indicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a certificate issued by the Cooperative Housing Society. Learned AR submitted that the assessee has taken possession of the flat and has thus complied with the second proviso to section 24 of the Act. 5. On the contrary, learned Departmental Representative submitted that the assessee did not furnish completion certificate from the appropriate authority and hence possession of the flat was not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial year under consideration. Accordingly we are of the view that the assessee is entitled to claim deduction of ₹ 1,50,000/- u/s 24(b) of the Act. Accordingly, we set aside the order passed by the learned CIT(A) and direct the Assessing Officer to allow deduction of ₹ 1,50,000/- claimed by the assessee u/s. 24(b) of the Act. 7. In the result, appeal filed by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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