2015 (10) TMI 398

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....ilar whereas in ITA No. 72 of 2015 relating to the assessment year 2007-08, an additional question has been claimed relating to disallowance of expenditure amounting to Rs. 2,50,000/- and in ITA No. 102 of 2015 for the assessment year 2010- 11, an additional question has been claimed with regard to disallowance on account of 89 liquor bottles held by the assessee. For brevity, the facts are being extracted from ITA No. 71 of 2015. 2. ITA No. 71 of 2015 has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the orders dated 15.10.2014 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Delhi Bench "A", New Delhi (hereinafter referred to as "the Tribunal") in ITA No. 307/Del/2013 ....

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....e present appeal as narrated therein are that the assessee is the Managing Director of M/s Action Construction Equipment Limited and also the Director of M/s ACE Steel Fab Private Limited. The search and seizure operation under Section 132(1) of the Act was conducted on 6.11.2009 at the residential premises of the assessee at House No. 854, Sector 15-A, Faridabad. The assessee filed his return under Section 139(1) of the Act and in response to the notice issued under Section 153A of the Act, he again filed the return on 20.10.2010 declaring the income at Rs. 1,12,73,778/-. Respondent No.2 vide assessment order dated 23.12.2011 (Annexure A-1), inter alia, disallowed the deduction under Sections 24 and 80C of the Act. Feeling aggrieved, th....

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....ion: Where the property has been acquired or constructed with borrowed capital, the interest, if any payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal installments for the said previous year and for each of the four immediately succeeding previous years. Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purchase of such acqu....

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....ties on appreciation of evidence had rightly declined the claim of the assessee for the deduction under Section 24(b) and 80C of the Act. Thus, no question of law as claimed arises. 11. Adverting to the additional claim of the assessee in ITA No. 72 of 2015 on account of expenses incurred on birthday party of grandson, the Tribunal had partly allowed this claim by reducing the addition from Rs. 5 lacs to Rs. 2.5 lacs. The findings recorded by the Tribunal read thus:- "11. We have heard rival parties and have gone through the material placed on record. We find that invitation as placed in paper book page 82 is from Saurabh and Nishu Aggarwal who are son and daughter in law of the assessee. The A.O. has made whole of the addition in the....