TaxTMI 
TaxTMI 
2001 (7) TMI 31
X X X X Extracts X X X X
X X X X Extracts X X X X
....Rebate on life insurance premia, contribution to provident fund, etc.- ... (2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee out of his income chargeable to tax-- . . . (xv) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head 'Income from house property' (or which would, if it had not been used for the asses see's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of-- (a) any instalment or part payment of the amount due under any self financing or other scheme of any development authority, housing board or other authority engaged i....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to such company, or is a member of the cooperative society to which he has made similar payment towards cost of house property allotted to him, he cannot claim the benefit of this sub-clause (b). Counsel for the appellant, however, contended before us that though the assessee had made payments to one Ankur Housing Investments Ltd., which was a company of which the assessee is not a shareholder/member, nevertheless, the payment made to that company towards the cost of the house to be built by that company for the, assessee was an amount in respect of which benefit under section 88(2)(xv)(b) could be claimed. Counsel submitted that the object of the provision is to encourage thrift, and relied on the decision of the apex court in the case ....