GURPREET SINGH DHILLON,AMRITSAR vs. ACIT, CIRCLE INT. TAX. 1(2)(2), NEW DELHI

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ITA 2673/DEL/2022Status: DisposedITAT Delhi25 September 2023AY 2018-19Bench: SHRI G. S. PANNU, PRESIDENT A N D SHRI CHALLA NAGENDRA PRASAD (Judicial Member)11 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the interest paid on borrowed capital for the let-out property should be allowed as a deduction. It also held that notional interest on an interest-free security deposit cannot be added to the annual letting value of the property.

What were the facts?

The assessee claimed a large deduction for interest paid on a housing loan for a let-out property, resulting in a loss from house property. The CIT(A) disallowed this interest and added notional interest on an interest-free security deposit. The assessee appealed this decision.

What were the issues?

Whether interest paid on housing loan for a let-out property is allowable as a deduction and whether notional interest on interest-free security deposit can be added to the annual letting value of the property.

Which sections of the Income-tax Act were involved?

Section 23(1)(a),Section 24

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, [ DELHI BENCH “D” : DELHI ]

Before: SHRI G. S. PANNUSHRI CHALLA NAGENDRA PRASAD

For Respondent: Shri Sanjan Kumar;
Hearing: 4/07/2023

आदेश की �ितिलिप अ�ेिषत / Copy of Order Forwarded to:- 1. आवेदक / Assessee 2. राज� / Revenue 3. संबंिधत आयकर आयु� / Concerned CIT 4. आयकर आयु�- अपील / CIT (A) 5. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, DELHI / DR, ITAT, DELHI

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