SMT. AMITA NARANG,DELHI vs. THE DY COMMISSIONER OF INCOME TAX, JAMMU

Per Sanjay Arora, AM: This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals), Jammu ('CIT(A)' for short) dated 23.3.2016, partly allowing the assessee’s appeal contesting her assessment u/s. 143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) dated 29.12.2009 for the Assessment Year (AY) 2007-08. 2. The issue at large in the instant appeal is the allowability of the interest on borrowed capital employed by the assessee for purchasing a capital asset, i.e., in computing short-term capital gain (STCG) arising on its’ transfer, which in the present case is by way of sale of a house property in January, 2007, i.e., within a period of less than ten months of its’ purchase by the assessee in April, 2006.