2021 (10) TMI 1261

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....2-13. 2. The appeal was admitted on 17.12.2018 to consider the following question of law: "Whether the Tribunal was justified in law in denying deduction under Section 57(iii) of the Act for a sum of Rs. 38,18,047/- being interest paid to the bank without considering all the materials placed by the appellant and consequently passed a perverse order on the facts and circumstances of the case? 3. The assessee is an individual and derives income from house property and from other sources as well which includes income from furniture, fittings, fixtures and other equipments fitted in the property. Relating to the assessment year in question, the assessee filed return of income amounting to Rs. 14,59,863/- as income from the house property an....

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....use 1.1 of the agreement dated 5.12.2007 and clause (B) of the agreement dated 21.5.2008 which reflects the annexures and the schedule appended thereto. Learned senior counsel made an attempt to demonstrate that the details of furniture and fixtures were made available to the authorities and the Tribunal as well, but fairly submitted that the annexure referred to in the agreement dated 05.12.2007 and the schedule to the agreement dated 21.05.2008 were not furnished. 7. Learned counsel for the respondent-Revenue justifying the impugned orders, submitted that no exception can be found with the order of the Tribunal since no evidence was placed on record to claim the deduction under Section 57 (iii) of the Act being the interest paid to Karna....

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.... of the agreement dated 21.5.2008 "B. The owner has agreed to give on hire to the Hirer for use exclusively other Leased Premises, certain furniture, fittings and fixtures which belong to the Owner absolutely and are available at the Leased Premises more fully enumerated in the Schedule I and hereinafter referred to as 'Hired Utilities' for ao period of 5 (five) years commencing on 1st June, 2008 and terminating on 31st May, 2013 and thereafter renewable as per clause 1.2 of this agreement." 10. In the absence of the relevant Annexure and the Schedule I description referred to in the agreements, the Tribunal has opined that the assessee has failed to prove the nexus of the expenditure incurred by it with the borrowed funds and confirmed th....