9911796707
TMI Blog2001 (7) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ovident fund, etc.- ... (2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee out of his income chargeable to tax-- . . . (xv) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head 'Income from house property' (or which would, if it had not been used for the asses see's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of-- (a) any instalment or part payment of the amount due under any self financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cooperative society to which he has made similar payment towards cost of house property allotted to him, he cannot claim the benefit of this sub-clause (b). Counsel for the appellant, however, contended before us that though the assessee had made payments to one Ankur Housing Investments Ltd., which was a company of which the assessee is not a shareholder/member, nevertheless, the payment made to that company towards the cost of the house to be built by that company for the, assessee was an amount in respect of which benefit under section 88(2)(xv)(b) could be claimed. Counsel submitted that the object of the provision is to encourage thrift, and relied on the decision of the apex court in the case of Chandulal Harjiwandas v. CIT [1967 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses in India and for other essential purposes. The legislative intendment is that the amounts repaid to the institutions referred to in clause (c) will be eligible for rebate. Sub-clause (c) deals with repayment of amounts borrowed from institu tions referred to therein while sub-clauses (a) and (b) do not deal with repay ments but with payments made by the assessee to the institutions named therein, towards the value of the house property allotted by them to the assessee. Where such instalments are payable to a company or co-operative society, the assessee should be a shareholder or member of the society. We do not find any error in the order made by the Tribunal. The appeal is, accordingly, dismissed. Learned counsel sought to chal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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