2024 (12) TMI 315

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.... the claim with respect to interest on construction of house property amounting to Rs. 31,17,879/- without considering the submissions of assessee and wrongly observing that it was an inadvertent mistake on the part of appellant and not mistake apparent from records and without observing the fact that all the details w.r.t. said claim were made available before the AO. 2. That Ld. CIT(A) ought to have allowed the appellant's petition filed u/s. 154 as the mistake was in the nature of apparent and glaring and the claim made by the assessee is allowable as per law and further CIT(A) has the co-terminus powers as that of AO as envisaged under the law and if the claim is allowable to the assessee in law, the same should have been allow....

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...., there was no information/details available in the original return filed which suggested that the appellant has made Interest payment of Rs. 31,17,879/- on the loan received from Union Bank of India for construction of warehouse on which he received lease rental income. There is no denying that the appellant furnished the necessary evidence in support of the said interest payment in course of the rectification proceedings before the AO. However, the fact remains that when the return was processed by the AO, no details/evidence in respect of said interest payment were available from the return filed. The Hon'ble Supreme Court in the case of Anchor Pressings (P) Ltd. (161 ITR 159) has held that if clear data is not available, it is not oblig....