TaxTMI 
TaxTMI 
2023 (1) TMI 273
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....his appeal, the assessee has raised the following grounds: "A. DEEMED LET OUT HOUSE PROPERTY WRONGLY CONSIDERED AS SELF OCCUPIED HOUSE PROPERTY AND DEDUCTION OF INTEREST U/S 24(b) RESTRICTED TO RS. 2,00,000/- 1. On the facts and in the circumstances of the case and in law, the Honorable Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre, Delhi [the CIT (A)") has erred in confirming the adjustments made in the Order u/s 14301) of the Income Tax Act, 1961 (the Act) by treating the commercial premises of the Appellant being Unit 3C, Cynergy. Prabhadevi, Mumbai 400 028 (said premises') as self-occupied property as per Section 23(2) of the Act. 2. In doing so, the learned CIT(A) has erred in concluding that since the ....
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....rmitted by Section 143(1)(a) of the Act. 7. In view of the above, the Order of the CIT(A) be quashed, by holding it to be bad in law. C. CONFIRMING ADJUSTMENT MADE IN THE ORDER U/S.143(1) WITHOUT EXAMINING WHETHER THE PRESCRIBED PROCEDURE SET OUT IN THE INCOME TAX ACT 1961 WAS FOLLOWED OR NOT 8. On the facts and in the circumstances of the case and in law, the learned CIT (A) has erred in confirming the adjustment made by the Deputy Commissioner of Income Tax, CPC (the DCIT") without examining whether the procedure set out in first and second proviso to Section 143(1Xa) of the Act was followed in the case of the Appellant. 9. In view of the above, the Order u/s 143(1) and Order u/s 154 be quashed, by holding it to be bad in law to t....
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....5. All the above Grounds of Appeal are independent of and without prejudice to each other. 16. The learned CIT (A)'s Order being contrary to the law, evidence and facts of the case should be set aside, quashed or modified on the grounds deduced above. 17. The Appellant craves leave to add, modify or delete any ground at or before the hearings." 3. The only grievance of the assessee is against denial of complete deduction of interest paid on the loan under section 24(b) of the Act and thereby not allowing carry forward of loss under the head 'income from house property'. 4. The brief facts of the case as emanating from the record are: The assessee is an individual. For the year under consideration, the assessee filed his return of ....
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....ns of interest u/s 24(5) to Rs. 2,00,000/- per annum. 2. Not allowing carry forward of balance loss under the head House Property income amounting to Rs. 1,08,81,242/-. The rest of the grounds are pertaining to 234 B & C and interest & 244A. 4.2 Appellant's submissions are duly considered. Appellant submitted bank loan statement as proof of taking housing loan, on which interest is being paid. Appellant claims it is "deemed let-out property". As per income tax law, when an assessee has more than one house property, he can live in one property and all other properties are deemed let-out. Appellant claims he has no self occupied property in the relevant A.Y. This very claim would empty that one property should be considered to b....
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....tion 24 of the Act, during the relevant year, read as under: "24. Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:- (a) a sum equal to thirty per cent of the annual value; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acqui....
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....le as a deduction. The 2nd proviso to section 24(b) of the Act restricts such deduction to Rs.2 lakh, in case of the property referred to in the 1st proviso. Further, the 1st proviso to section 24(b) of the Act deals with the property as referred to in section 23(2) of the Act. Section 23(2) of the Act reads as under: "(2) Where the property consists of a house or part of a house which- (a) is in the occupation of the owner for the purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or part of the hous....