2024 (7) TMI 1595

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... emporary requirement of funds. We have held that Income from Housing Finance for a period of less than five years and Income from temporary deployment of funds are eligible for deduction u/s 36(1)(viii) and that Income from Housing Finance for non-residential purpose would not be eligible for such deduction thereby giving partial relief to the assessee. Assessee has contended incorrect allocation of certain expenses by the AO and we notice that no specific findings have been given with regard to this contention of the assessee in the above referred order of the Tribunal. Therefore we allow the miscellaneous application filed by the assessee for the limited purpose of adjudicating Ground No. 2.4 of the assessee.
SHRI AMIT SHUKLA, JM AND .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... evenues, without adjusting the allocation made by the AO, referred to in (i) above, and (iii) other common expenses allocated on an adhoc basis in the ratio of 80:20, without assigning reasons for the same." 3. The ld. AR submitted that the assessee has through Ground No. 2.1 to 2.3 contended the eligibility of various categories of income for deduction under section 36(1)(viii) and the Tribunal while adjudicating had given partial relief to the assessee. The ld AR further submitted that the assessee vide ground no. 2.4 had pleaded that in case one of the categories are held to be not eligible for deduction under section 36(1)(viii) then the AO should be directed to allocate the expenses incurred towards interest on foreign currency borr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ce the following in the place of paragraph no. 43 of above dated 12.01.2024 - "43. The assessee vide ground no. 2.4 is contending the allocation of expenses incurred towards interest on foreign currency borrowing and allocation of provision for contingencies. The assessee is also contending the allocation of other expenses on adhoc basis applying a ratio of 80:20. In our considered view, the allocation of these expenses as done by the AO is not correct and needs to be re-worked. We have while adjudicating the issue of eligibility of (i) Income from Housing Finance for residential purposes for a period less than five years, (ii) Income from Housing Finance for non-residential purposes and (iii) Income from Temporary requirement of fun .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X