TaxTMI 
TaxTMI 
2026 (6) TMI 1162
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.... Commissioner of Income Tax (Appeals) (hereinafter referred to as "Ld. CIT(A)"] erred in confirming the addition of Rs. 29,90,701/- made by the Learned Assessing Officer [hereinafter referred to as "Ld. AO"] by denying the deduction claimed under Section 54F of the Act, without properly appreciating the evidence furnished by the Appellant to establish eligibility for the said deduction and without considering the settled legal principles governing the claim. 2. On the facts and in law, the Ld. CIT(A) erred in holding that the Appellant was required to establish acquisition of gold ornaments. received at the time of her marriage and held by her as Stridhan till A.Y. 2013-14, overlooking the settled legal position that Stridhan is th....
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....nd in law, the Ld. CIT(A) erred in confirming the disallowance of housing loan interest of Rs. 1,50,000/- and deduction under Section 80C for housing loan repayment of Rs. 71,398/-, without appreciating that the Appellant had fulfilled all the statutory conditions for claiming these deductions and had furnished complete supporting evidence before the lower authorities. 8. The appellant craves, leave to add to alter, modify, revise, or delete any ground (s) in the interest of justice." 2. Brief facts of the case are that assessee is individual, filed her return of income for A.Y. 2013-14on 28.03.2015 declaring income of Rs. 57,140/-. The case was selected for scrutiny. During assessment, the assessing officer noted that assessee ....
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....come from house property. On show cause, the assessee submitted that she has claimed deduction under section 24 & 80C for payment of interest and housing loan from Kotak Mahindra Bank. The bank statement was enclosed. The assessing officer was of the view that assessee is not having regular source of income and repayment of loan and interest is being paid by her husband. The loan is sanctioned in the name of her husband. Assessee's name is not appearing in the loan sanctioned letter. No Emi is debited from assessee's bank account. Accordingly, deduction under section 24 of Rs. 1,50,000/- and section 80C of Rs. 71,398/- was not allowed. On appeal, before ld. CIT(A) both the additions were confirmed. Further, aggrieved the assessee has filed ....
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....e the Hon'ble bench. The voucher established the possession of gold with the assessee. Therefore, such evidence may be admitted and matter may be adjudicated on the basis of such evidence. The sale proceeds of jewellery and ornament and silver articles may be treated as capital gain and assessee may be allowed deduction under section 54F. To support his view that jewellery items were not unexplained by an exemption who are married more than 30 years back in case of Ashok Chaddha vs ITO (2011) 14 taxmann.com 57 (Delhi). 4. On the other hand, the learned Senior Departmental Representative (ld. Sr. DR) for the Revenue supported the order of lower authorities. The ld. Sr. DR for the Revenue submits that assessee is not able to specify the na....