CIT v. Tata Iron & Steel Co. Ltd.

M/S Waterfront Housing & Hospitality Pvt Ltd, Pune vs. Income Tax Officer, Ward-12(2), Pune

In the result, the appeal filed by the assessee stands dismissed

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1100/Pun/2023 िनधा"रण वष" / Assessment Year : 2015-16 M/S. Waterfront Housing & Vs. Ito, Ward-12(2), Pune. Hospitality Pvt. Ltd., 3Rd Floor, Rajyog Creations Apts, Anand Park, Aundh, Pune- 411007. Pan : Aaacw9020F Appellant Respondent Assessee By : Shri Hari Krishan Revenue By : Shri A. K. Mahala Date Of Hearing : 14.11.2023 Date Of Pronouncement : 15.11.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated 21.08.2023 For The Assessment Year 2015-16. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. The Disallowance Of Deduction U/S 48(Ii) Of The Income Tax Act From The Long Term Capital Gains, In Respect Of The Indexed Cost Of Interest Paid For The Acquisition Of The House Property Sold By The Assessee, Made By The Assessing Officer By Travelling Beyond The Issue For Which This Case Was Selected For Limited Scrutiny Under Cass Is Without Jurisdiction. 2. The Ld. Commissioner Of Income Tax (Appeals) Has Eared Is Not Allowing The Deduction Of Rs.24,38,826/- U/S 48(Ii) From The Long Term

…wari vs. ITO, ITA No.208/JODH/2017. 5 ACIT vs. Mrs. Sheela Chopra, ITA No.169/KOL/2014. 6. However, the NFAC rejected the submissions of the appellant company relying upon the decision of the Hon’ble Supreme Court in the case of CIT vs. Tata Iron & Steel Co., 231 ITR 285 (SC). 7. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 8. It is submitted that the addition made by the Assessing Officer cannot be sustained as it travelled beyond the items for which the case was selected for limited scrutiny assessment. Therefore, the addition made by disallowing indexed cost of intere…