2017 (9) TMI 180

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....-tax (Appeals)-XVIII, New Delhi, for the Assessment Year 2010-11 on the grounds inter alia that :- "1. That learned CIT(A) has grossly erred in law and on the facts and in the circumstances of the appellant's case in confirming the addition of Rs. 45,95,00,961/- made by the Assessing Officer in respect of interest paid to ICICI Bank towards loan taken for the purpose of, to substitute and repay the existing loan taken for the purpose of construction of property from DLF Limited and DLF Universal Limited by holding that the same has been taken after completion of the property and has not been taken for the purpose of re-payment of loan taken for construction / acquisition of the property. 2. That the impugned order date....

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....bunal. Feeling aggrieved, the assessee has come up before the Tribunal by way of challenging the impugned order passed by ld. CIT. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Ld. AR for the assessee, by relying upon the decision rendered by the coordinate Bench of the Tribunal in assessee's own case for AY 2009-10, available at pages 32 to 41 of the paper book, and order passed by ld. CIT (A) in assessee's own case for AY 2011-12, available at pages 9 to 23 of the paper book, contended that the addition made by AO and affirmed by ld. CIT (A) on accou....

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.... fresh loan taken for the repayment of old taken for construction/acquisition of the property is admissible under section 24(b) of the Act, however, he held that in the instant case fresh loan taken from the ICICI bank has not been utilized for repayment of the loan taken for construction/acquisition of the property. The Ld. counsel submitted before us the Ld. CIT (A) has not issued any notice for enhancement of the income and the assessee has also taken one of the ground in the appeal before us. Ld. counsel submitted that he was not having objection if the matter was restored back to the Ld. CIT-(A). On perusal of sanction letter issued by the ICICI bank, which is available on page 38 of the paper book, we find that there is no mention tha....