PUTHIYA PURAYIL IBRAHIM ,KANNUR vs. DCIT , INTL. TAXATION, KOCHI

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ITA 630/COCH/2023Status: DisposedITAT Cochin23 October 2024AY 2015-16Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 pages
AI SummaryRemanded

What did the Tribunal hold?

The tribunal restored the appeal to the Assessing Officer for fresh adjudication. The assessee bears the onus to prove the relevance of the loans for the deduction.

What were the facts?

The assessee claimed interest on loans under Section 24(b), but the lower authorities disallowed it as the bank certificate did not clearly link the loans to the house property. The assessee did not appear before the tribunal.

What were the issues?

Whether the interest on loans is eligible for deduction under Section 24(b) when the nexus with the house property is not clearly established by the supporting documents.

Which sections of the Income-tax Act were involved?

Section 24(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: Smt. V. Swarnalatha, Sr. D.R
Hearing: 22.08.2024Pronounced: 23.10.2024

O R D E R Per Bench This assessee’s appeal for A.Y. 2015-16 arises against the CIT(A)’s DIN No. ITBA/APL/M/250/2023-24/10540044755(1) dated 30.06.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).

Case called twice. None appears at assessee’s behest. We accordingly proceed exparte.

2.

Learned Sr. D.R. vehemently submits during the course of hearing that both the lower authorities herein have rightly invoked section 24(b) interest claim disallowance in the course of assessment dated 19.12.2017 as upheld in the CIT(A)’s impugned discussion.

Puthiya Purayil Ibrahim 3. We notice in this factual backdrop that the assessee has indeed filed the bank certificate in support of the impugned claim. The Revenue’s only case is that the same nowhere indicates the loans concerned had been availed relevant to the assessee’s house property so as to be eligible for section 24(b) deduction.

4.

We deem it fit appropriate in these facts to restore the assessee’s instant appeal back to the Assessing Officer for it’s afresh adjudication, preferably within three effective opportunities of hearing, subject to the rider that it shall be the taxpayer’s onus and responsibility only to file and prove all the relevant facts in consequential proceedings. Ordered accordingly.

5.

This assessee’s appeal is allowed for statistical purposes in above terms.

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