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TMI Blog2018 (7) TMI 2208X X X X Extracts X X X X X X X X Extracts X X X X ..... r to have been ignored while passing the order. In these peculiar facts and circumstances we deem it appropriate to set aside the impugned order accepting the oral prayer of the Sr. DR and restore the issue back to the file of the A.O. The impugned order is set aside back to the AO with a direction to pass a speaking order in accordance with law after giving the assessee a reasonable opportunity of being heard. Said order was pronounced in the Open Court at the time of hearing itself. Appeal filed by the assessee is allowed for statistical purposes. - ITA No.6934/Del/2017 - - - Dated:- 27-7-2018 - SMT DIVA SINGH, JUDICIAL MEMBER For the Appellant: Shri Rajeev Maggo, CA For the Respondents: Sh. S.L. Anuragi, Sr. DR OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... going through the specific agreement on a misunderstanding of facts made an incorrect submission stating that the interest had been received on account of delay in completion of the project. The said submission, it was submitted, has been extracted in para (c)of the assessment order. The assessee explained the correct facts before the CIT(A) and invited attention to the impugned order. It was submitted that the assessee had invited attention of the CIT(A) to the Buyers Agreement dated 23.7.2008 and had invited specific attention to the various plans like Discounted Cash Down payment plan referred to in para 2b(i) extracted at pages 4 and 5 of the impugned order. Referring to the clause 3 of Cash Down Plan specifically sub-clause (d) applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disallowance the Ld. AD. while referring to the provision of section 57(iii) held that the interest incurred for acquisition of capital asset is capital in nature. b. The AO relied on assessee's submissions made during assessment proceedings wherein it was contended that the Developers had been paying interest to the assessee for delayed completion of the project and did not agree with it. 2. Assessee's Submissions a. During the assessment proceedings, the assessee filed a copy of the Buyer's Agreement dated 23.07.2008 entered by him with Era Landmarks (India) Limited, the Developers . The agreement entered was for purchase of a commercial unit measuring 1,750 sq. ft. approximately' the Developers Proje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... veloper has been paying interest to the assessee under the clause that where the allottee (buyer) has opted to the Cash Down Plan (later modified to include Discounted Cash down Plan by mutual Agreement) the Developer shall pay such intending allottee Rs. per month as assured return on the amount so recd , (Refer page 5 of the Buyer's Agreement) at page 18- 32 of the paper book. e. The assessee, in order to earn interest on the investment, made a one time payment of ₹ 75,75,007.00 vide cheque drawn on Citibank dated 01.06.2008 through loan availed from Wizard - GE Money Housing Finance . Balance ₹ 4,63,750.00 was to be paid on offer of possession. The aggregate consideration of the flat was ₹ 80,38,757.00 as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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