1984 (4) TMI 105

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....e combined order of the AAC of WT B-Range, Ludhiana, involving common contentions are being disposed of by a common order. In the several ground of appeal, the dispute involved is regarding allowability of loans taken by the assessee for construction of the self-occupied residential house property a part of which is exempt under s. 5(1)(iv) of the WT Act. 2. The facts briefly stated are that th....

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...., allowed deduction for such loans at Rs. 1,38,547 for the asst. yr. 1975-76 and Rs. 1,26,614 for the asst. yr. 1976-77. 3. Aggrieved against the above orders of the WTO the assessee preferred appeals before the AAC of WT. The AAC, however, gave nominal relief of Rs. 24,618 for the asst. yr. 1975-76 and Rs. 47,828 for the asst. yr. 1976-77. 4. The assessee is aggrieved against the above orde....

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....e, on the other hand, relying on the decision of the Gujarat High Court in the case of Apporva Shantilal vs. CWT (HUF) (1982) 28 CTR (Guj) 123 : (1982) 135 ITR 182 (Guj) has supported the orders of the authorities below. He further pointed out that in view of the decision of the Punjab and Haryana High Court in the case of Nand Lal Sohan Lal vs. CIT 1978 CTR (P&H) 5 (FB) : (1977) 110 ITR 170 (P&H)....

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....s. 5(1)(iv) is only Rs. 1 lac. In such a situation, in our opinion, there is not justification for apportioning the loans in the ration of exempt and non-exempt value of the house. In such circumstances, the assessee will be entitled to deduction of the entire loans for both the assessment years as claimed as against the liabilities allowed by the AAC. Even otherwise, when two views on the subject....