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TMI Blog2023 (10) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... component and therefore the basis of the Revenue that the present appeal is identical to those for assessment year 2009-10 appears to be incorrect. Therefore, the Assessing Officer as well as CIT(A) is not justified in denying the claim of the assessee towards interest payment - Decided in favour of assessee. - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri Mehul K. Patel, A.R. For the Revenue : Shri Yogesh Mishra, Sr. D.R. ORDER These two appeals filed by the assessee are against the orders dated 16-12-2013 15-09-2015 passed by ld. CIT(A) for assessment years 2010- 11 2011-12. 2. The grounds of appeals are as under:- ITA No. 319/Ahd/2014 A.Y. 2010-11 1. The Learned CIT(A) erred in la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all or any of the grounds of appeal at the time of or before the hearing of the appeal. ITA No. 3009/Ahd/2015 A.Y. 2011-12 1. The Learned CIT(A) erred in law and on the facts of the case in confirming the entire disallowance of Rs. 14,40,493/- made by the AO being interest expenses without appreciating the factual aspect and ignoring all the evidences submitted before the AO as well as CIT(A). It is therefore prayed that addition/ disallowance confirmed by the CIT(A) may please be deleted. 2. The Learned CIT(A) erred in law and on the facts of the case in confirming the entire disallowance of Rs. 14,40,493/- made by the AO being interest expenses without appreciating the nexus of the utilization of borrowed funds and also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) was issued on 30-08-2011 and was served to the assessee. In response to the notices issued, chartered accountant of the assessee furnished the details. The assessee has salary income and income from house property as well as interest income. The Assessing Officer observed that the assessee does not carry any business activity during the year under consideration. On verification of the interest paid details, the assessee claimed interest payment of Rs. 15,38,826/- towards housing loan of Rs. 1,50,00,000/- from State Bank of India. The Assessing Officer observed from the details furnished by the Authorized Representative, it was found that the assessee was having two properties and the return of income was filed for assessment year 2009-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of Interest under IT provisions Allowable amount a) For repayment of Housing Loan from LIC used for selfoccupied House Property 23,40,373/- 2,42,048/- To the extent of 150000 u/s. 24(b) 1,50,000 b) For repayment of New Loan from LIC used for advancing to others 34,88,627/- 3,60,803/- Full amount u/s. 57 3,60,803/- c) For Advancing Money to Creative Colours 90,50,000 9,35,975/- Full amount u/s. 57 9,35,975/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused all the relevant materials available on record. It is an admitted fact that it is never disputed by the Assessing Officer that the assessee has obtained a LIC loan for acquiring/purchasing property and in subsequent years obtained a loan from SBI for the second property for which he has also taken those funds to repay an earlier loan amount. At no point of time, the Revenue disputed that the assessee has paid the interest component to the extent of Rs. 15,38,826/- and therefore the basis of the Revenue that the present appeal is identical to those for assessment year 2009-10 appears to be incorrect. Therefore, the Assessing Officer as well as CIT(A) is not justified in denying the claim of the assessee towards interest payment to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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