Opender Gupta, New Delhi V. ACIT Circle-39(1), New Delhi

ITA 7278/DEL/2019

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 5915 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 03-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 80C

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI SMC B ENCH, NEW DELHI [THROUGH VIDEO CONFERENCE] BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA NO. 7278/DEL/2019 [ASSESSMENT YEAR: 2014-15] SHRI OPENDER GUPTA VS. THE A.C .I.T C/O SINGHAL ASSOCIATES, 4 TH FLOOR, CIRCLE 39(1) 4805, BHARAT RAM ROAD, 24, NEW DELHI ANSARI ROAD, DARYA GANJ, DELHI PAN: AAKPG 5906 B [APPELLANT] [RESPONDENT] DATE OF HEARING : 15.09.2021 DATE OF PRONOUNCEMENT : 15.09.2021 ASSESSEE BY : SHRI SUBHASH SINGHAL, CA REVENUE BY : SHRI R.K. GUPTA, SR. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST TH E ORDER OF THE COMMISSIONER OF INCOME TAX [APPEALS] 13, NEW DELH I DATED 25.06.2019 PERTAINING TO ASSESSMENT YEAR 2014-15. 2 2. THE ASSESSEE HAS RAISED AS MANY AS SIX GROUNDS O F APPEAL. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSESSEE STATE D THAT HE IS NOT PRESSING GROUND NOS. 1 TO 4. THE SAME ARE DISMISSED AS NOT PRESSED. 3. GROUND NO. 5 RELATES TO CLAIM OF INTEREST ON HOU SING LOAN AMOUNTING TO RS. 6,58,556/-. 4. DURING THE COURSE OF SCRUTINY ASSESSMENT PROCEED INGS, NO DOCUMENTARY EVIDENCE COULD BE FURNISHED BY THE ASSE SSEE AS IT WAS BROUGHT TO THE NOTICE OF THE ASSESSING OFFICER THAT THE INTEREST CERTIFICATE ON HOUSING LOAN WAS TO BE RECEIVED FROM THE BANK. 5. ON RECEIVING NO SUCH CERTIFICATE, THE ASSESSING OFFICER DID NOT ENTERTAIN THE CLAIM OF INTEREST ON HOUSING LOAN AMO UNTING TO RS. 6,58,556/-. 6. THE ASSESSEE CARRIED THE MATTER BEFORE THE LD. C IT(A) AND FURNISHED THE CERTIFICATE FROM STATE BANK OF PATIAL A. HOWEVER, THE LD. CIT(A) WAS OF THE FIRM BELIEF THAT INTEREST ONLY UP TO RS.1,50,000/- IS ALLOWABLE ON HOUSING LOAN U/S 24 READ WITH SECOND P ROVISO AND ACCORDINGLY, RESTRICTED THE DEDUCTION TO RS.1,50,00 0/-. 3 7. BEFORE ME, THE LD. COUNSEL FOR THE ASSESSEE VEHE MENTLY STATED THAT SECTION 24 IS NOT AT ALL APPLICABLE ON THE FAC TS OF THE CASE, IN AS MUCH AS, HOUSING LOAN WAS NOT TAKEN FOR SELF OCCUPI ED PROPERTY BUT FOR PROPERTY GIVEN ON RENT ON WHICH RENTAL INCOME HAS B EEN ACCEPTED BY THE ASSESSING OFFICER. 8. IN MY CONSIDERED OPINION, ONCE THE RENTAL INCOME HAS BEEN ACCEPTED BY THE ASSESSING OFFICER, THE ASSESSEE IS ELIGIBLE FOR STATUTORY DEDUCTION AND, IN ADDITION, DEDUCTION FOR INTEREST PAID ON LOAN FOR THE PURCHASE OF HOUSE PROPERTY. CONSIDERING THE CERTIFI CATE OF STATE BANK OF PATIALA, I DIRECT THE ASSESSING OFFICER TO ALLOW THE CLAIM OF INTEREST OF RS.6,58,556/-. GROUND NO. 5 IS, ACCORDINGLY, ALL OWED. 9. GROUND NO. 6 RELATES TO THE CLAIM OF DEDUCTION U /S 80C OF THE ACT. I FIND THAT THE CLAIM IS IN RESPECT OF PRINCIP AL AMOUNT PAID IN RESPECT OF HOUSING LOAN AND SUCH PRINCIPAL AMOUNT I S SPECIFICALLY MENTIONED IN THE CERTIFICATE OF STATE BANK OF PATIA LA. I DIRECT THE ASSESSING OFFICER TO ALLOW ELIGIBLE CLAIM OF DEDUCT ION U/S 80C OF THE ACT ON THE PRINCIPAL AMOUNT PAID OF RS. 1,60,492/ AS PER THE PROVISIONS OF THE LAW. GROUND NO. 6 IS ACCORDINGLY , ALLOWED. 4 10. IN THE RESULT THE APPEAL OF THE ASSESSEE IN ITA NO. 7278/DEL/2019 IS ALLOWED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 15.09. 2021 IN THE PRESENCE OF BOTH THE REPRESENTATIVES. SD/- [N.K. BILLAIYA] ACCOUNTANT MEMBER DATED: 15 TH SEPTEMBER, 2021. VL/ COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) ASST. REGISTRAR, 5. DR ITAT, NEW DELHI 5 DATE OF DICTATION 15.09.2021 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.PS/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER