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Facts
The assessee filed three appeals against orders relating to assessment years 2015-16, 2016-17, and 2018-19. The common issue in all appeals concerned the allowability of interest paid on borrowed capital for relinquishing tenancy rights.
Held
The Tribunal noted that the issue had already been decided against the assessee by a Coordinate Bench in their own case for prior assessment years. Consequently, the Tribunal accepted the concession made by the assessee's counsel.
Key Issues
The allowability of interest paid on borrowed capital for relinquishment of tenancy rights.
Sections Cited
24(b)
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Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE
Before: SHRI R. K. PANDA & SHRI VINAY BHAMORE
filed by the assessee is directed against the order dated 10.01.2025 of the Ld. Addl / JCIT(A)-5, Kolkata relating to assessment year 2015-16.
23.01.2025 of the Ld. CIT(A) / NFAC, Delhi relating to assessment year 2016-17. filed by the assessee is directed against the order dated 25.02.2025 of the Ld. CIT(A) / NFAC, Delhi relating to assessment year 2018-19. Since common issues are involved in all these appeals, therefore, these wesre heard together and are being disposed of by this common order for the sake of convenience.
The only issue raised by the assessee in the above 3 appeals is regarding the allowability of interest u/s 24(b) of the Income Tax Act, 1961 paid on borrowed capital utilized for payment to the tenants for relinquishment of tenancy rights.
The Ld. Counsel for the assessee at the outset fairly conceded that the issue stands decided against the assessee by the decision of the Coordinate Bench of the Tribunal in assessee’s own case for assessment years 2013-14 and 2017-18 vide & 665/PUN/2024 order dated 18.09.2024.
In view of the above submission of the Ld. Counsel for the assessee and in absence of any objection from the side of the Ld. DR, the above 3 appeals filed by the assessee are dismissed.
In the result, all the three appeals filed by the assessee are dismissed.
Order pronounced in the open Court at the conclusion of hearing itself i.e. on 28th August, 2025.