SANJAY SINGH,GURGAON vs. ITO, GURGAON

ITA 5697/DEL/2016Status: DisposedITAT Delhi03 March 2023AY 2011-126 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the assessee paid for the entire property and offered the entire rent to tax, the full loss on the co-owned property is allowable. Regarding the vacant property, the Tribunal directed the deletion of the disallowance of Rs. 8,61,682/- based on the provisions of Sections 23 and 24.

What were the facts?

The assessee claimed a loss of Rs. 2,84,392/- on a let-out property co-owned with his wife. The Assessing Officer (AO) allowed only 50% of the loss. The assessee also claimed a loss of Rs. 8,61,600/- on a vacant property. The CIT(A) upheld the AO's disallowance of the loss on the vacant property.

What were the issues?

Whether the full loss on a co-owned let-out property is allowable to the assessee who bore the entire cost and offered all rent. Whether disallowance of loss on a vacant property is justified.

Which sections of the Income-tax Act were involved?

Section 23,Section 24,Section 143(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHIBENCH ‘E’, NEW DELHI

Before: Dr. B. R. R. KumarSh. Yogesh Kumar US

Hearing: 08.12.2022Pronounced: 03.03.2023

Per Dr. B. R. R. Kumar, Accountant Member:

The present appeal has been filed by the assessee against the order of ld. CIT(A)-1, Gurgaon dated 29.08.2016. 2. The assessee has raised the following grounds of appeal:

“1. On the facts and circumstances of the case and in Law, the order of CIT (A) is wrong, illegal, and against the provision of sections 22, 23, 24, 25, 27 & 64 of the Income Tax Act, 1961, in respect of house property Flat No.202, Tower-17, Close South Nirvana Gurgaon, which is liable to set aside.

2.

The Ld CIT (A) has erred in law and on facts by way of upholding AO decision of disallowing loss of Rs.8,61,682/- under the chapter income from house property in respect of property no. flat

The order continues below.

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