Income Tax: Deduction for One Property Only

Quick Summary

The Income Tax Appellate Tribunal has ruled that deductions under Section 54 of the Income Tax Act are permissible for only one property. This decision consolidates appeals concerning assessment years 2007-08 and 2010-11. The case involved disputes over property valuation and the claim for deductions on residential property investments.

Court :
ITAT Delhi

Brief :
These are three appeals for two Assessment years pertaining to one assessee, Mr. Valmik Thapar, a resident, Individual [Assessee]. Assessee filed ITA number 5767/Del/2015 for assessment year 2007 – 08 and ITA number 6346/Del/2014 for A Y 2010-11. Ld AO filed ITA number 6726/Del/2014 for AY 2010-11. All these appeals are on common issue and therefore, those are heard together and disposed of by this common order. Assessment Year 2010-11

Citation :
ITA No. 5767/Del/2015

Daily Limit Reached