Krishna Kumar Kanoi, Kolkata V. DCIT, Circle - XI, Kolkata,

ITA 1791/KOL/2014

• Counselvise Citation: 179123514 RSA 2014
• Duration Of Justice: 11 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-08-2015
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 15-09-2014
• Court: TRIBUNAL
• Department Lawyers: MD GHAYASUDDINJCITSR
• Keywords: Salary income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH SMC KOLKATA [BEFORE HON BLE SHRI J. SUDHAKAR REDDY, AM ] ITA NO .1791 /KOL/2014 ASSESSMENT YEAR : 2009 - 10 ( A PPELLANT ) (RESPONDENT) KRISHNA KUMAR KANOI - VERSUS - D.C.I.T., CENTRAL CIRCLE - X I, KOLKATA KOLKATA (PAN: AFSPK 0130 N) FOR THE APPELLANT: NONE FOR THE RESPONDENT: MD.GHAYASUDDIN,JCIT,SR.DR DATE OF HEARING : 21 .08 .2015 . DATE OF PRONOUNCEMENT : 27.08.2015. ORDER THIS APPEAL OF ASSESSEE ARISES FROM THE OR DER OF LD. CIT(A) - CENTRAL - I, KOLKATA IN APPEAL NO . 268/CIT(A) - C - I / CC - XI/ 11 - 12 DATED 21.07.2014 . ASSESSMENT WAS FRAMED BY D.C.I.T., CENTRAL CIRCLE - XI, KOLKATA U/S 143(3 ) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REF ERRED TO AS THE ACT ) FOR A.YR . 2009 - 10 VIDE ITS ORDER DATED 29 .12.2011. 2. THE ONLY ISSUE RAISED BY THE ASSESSEE IS THAT THE LD. CIT(A) HAS ERRED IN CONFIRMING THE DISALLOWANCE OF RS.1.5 LAKHS MADE BY THE LD. AO U/S 24(B) OF THE ACT. 3. BRIEFLY STATED FACTS ARE THAT THE ASSESSEE IS AN INDIVIDUAL AND HAS INCOME FROM SALARY AND OTHER SOURCES. DURING THE YEAR THE ASSESSEE CLAIMED DEDUCTION OF RS.1.5 LAKHS U/S 24(B) OF THE ACT AND DECLARED THE VALUE OF THE LAND AND BUILDING ONLY FOR RS. 21,000/ - IN THE BALANCE SHEET . CONSIDERING THE VALUE OF THE LAND AND BUILDING DECLARED IN BALANCE SHEET AND AMOUNT OF LOAN TAKEN, THE AO REJECTED THE CLAIM FOR I NTEREST PAID ON THE GROUND THAT , THE BORROWED FUND ON WHICH INTEREST WAS CLAIMED , WAS NOT UTILIZED FOR THE PURCHASE OR FOR THE CONSTRUCTION OF THE PR OPERTY WHICH WAS TREATED AS SELF OCCUPIED. ON THE GROUND THAT THE AR FAILED TO FURNISH ANY MATERIAL FROM WHICH IT CAN BE ASCERTAINED THAT THE BORROWED FUND WAS UTILIZED FOR CONSTRUCTION/PURCHASE OF SELF ITA NO. 1791/KOL/2014 SRI KRISHNA KUMAR KANOI . A.YR. 2009 - 10 2 OCCUPIED PROPERTY, THE LD.AO HAS MADE ADDITION OF R S.1.5 LAKHS TO THE TOTAL INCOME OF THE ASSESSEE. 4. AGGRIEVED, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD. CIT(A), WHO UPHELD THE ACTION OF THE LD. AO ON THE GROUND THAT NO EVIDENCE IN THE FORM OF PURCHASE DEED OF THE PROPERTY WAS PRODUCED IN THE COURSE OF APPELLATE PROCEEDINGS TO SHOW THAT THE ASSESSEE ACTUALLY PURCHASED THE HOUSE PROPERTY. AGGRIEVED BY THE ORDER OF THE LD. CIT(A), THE ASSESSEE IS NOW IN APPEAL BEFORE THIS TRIBUNAL. 5 . NONE APPEARED ON BEHALF OF THE ASSESSEE. MD.GHAYASUDDIN , JCIT,SR.DR, THE LD. DR APPEARING ON BEHALF OF THE REVENUE . 6 . I HAVE HEARD THE LD.DR AND PERUSED THE MATERIALS AVAILABLE ON RECORD. I FIND THAT THE ASSESSEE HAS PURCHASED A PROPERTY FROM ESEL ENTERPRISES BEARIN G NO.3B, 1 - B , 3 RD FLOOR, MAY FAIR ROAD, KOLKATA - 700019 . THIS IS EVIDENCE D FROM THE LETTER ISSUED BY ESEL ENTERPRISES TO THE ICICI BANK. THE ASSESSEE HAS ALSO AVAILED LOAN FROM ICICI HOME FINANCE FOR AN AMOUNT OF RS.1,35,00,000/ - AND IT WAS FULLY DISBURSED. THE ASSESSEE HAS SHOWN THE BUILDI NG VALUE AS IN THE NAME OF ESEL UNDER THE HEAD LOAN AND ADVANCE (DR/ASSET) AND LOAN FROM THE ICICI BANK UNDER THE HEAD LOAN AND ADVANCE CR/LIABILITY ) SIDE. SO I FIND THAT LOAN WAS ACTUALLY UTILIZED FOR PURCHASE OF HOUSE PROPERTY. IN VIEW OF THE ABOVE, I D EEM IT FIT TO ALLOW DEDUCTION U/S 24(B) OF THE ACT AND ALLOW THE APPEAL OF THE ASSESSEE. 7 . IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNC ED IN TH E COURT . SD/ - [ J.S UDHAKAR REDDY ] ACCOUNTANT MEMBER DATE: 27.08.2015. R.G.(.P.S.) ITA NO. 1791/KOL/2014 SRI KRISHNA KUMAR KANOI . A.YR. 2009 - 10 3 COPY OF THE ORDER FORWARDED TO : 1 . SRI KRISHNA KUMAR KANOI, 8/1A, SIR WILLIAM JONES SARANI, 2 ND FLOOR, KOLKATA - 700071. 2 D.C.I.T., CEN TRAL CIRCLE - XI, KOLKATA. 3 . THE CIT - CENTRAL - I , KOLKATA 4. THE CIT(A) - CENTRAL - I, KOLKATA. 5 . DR, KOLKATA BENCHES, KOLKATA TRUE COPY , BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES