SMT. PRIYANKA GANGULY,KOLKATA vs. D.C.I.T.(IT)-CIRCLE-2(1), KOLKATA

ITA 2619/KOL/2019Status: DisposedITAT Kolkata19 February 2024AY 2016-17Bench: Dr. Manish Borad (Accountant Member), Shri Anikesh Banerjee (Judicial Member)9 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The tribunal upheld the AO's disallowance of 50% of the house loan interest. However, the issue of the refund of loan amount was remitted back to the AO for verification.

What were the facts?

The assessee claimed full house loan interest deduction for a co-owned property, but the AO restricted it to 50%. The assessee also received a refund of a loan given to a friend, which the AO added back to income.

What were the issues?

Whether the assessee is entitled to claim full house loan interest deduction as a co-owner and whether the refund of a loan to a friend is income.

Which sections of the Income-tax Act were involved?

Section 24(b),Section 234B,Section 234D

AI-generated summary — verify with the full judgment below

आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA डॉ मनीष बोरड, लेखा सद"य एवं "ी अ"नकेश बनज", "या"यक सद"य के सम" [Before Dr. Manish Borad, Accountant Member &Shri Anikesh Banerjee, Judicial Member] Assessment Year: 2016-17 Smt. Priyanka Ganguly Vs. DCIT(IT), Circle-2(1),Kolkata

(PAN: AFXPG 2756 H)

Appellant / (अपीलाथ") Respondent / ($%यथ")

07.02.

2024 Date of Hearing / सुनवाई क( "त*थ Date of Pronouncement/ 19.02.2024 आदेश उ-घोषणा क( "त*थ For the Appellant/ Shri Ketan Kr. Ved, CA "नधा12रती क( ओर से For the Respondent/ Shri Arun Kumar Meena, JCIT, Sr. D.R राज"व क( ओर से

ORDER / आदेश

Per Anikesh Banerjee, Judicial Member:

The instant appeal of the assessee was filed against the order of Ld.

Commissioner of Income-tax (appeals)-22, Kolkata [in brevity ld. ‘CIT(A)’]

dated 30.09.2019passed u/s 250 of the Income Tax Act, 1961 (in brevity the ‘Act’) for assessment year 2016-17. The impugned order was emanated from 2 Assessment Years: 2016-17 Smt. Priyanka Ganguly the order of the ld. ACIT, Circle-2(1), Kolkata (in brevity the ‘AO’) passed u/s 143(3) of the Act dated 02.12.2018. 2.

The order continues below.

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