M/s. Indraprastha Shelters Private Limited, Bangalore The Deputy Commissioner Of Income Tax, Circle-11(4), Bangalore

Last updated: 30 December 2020

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This Income Tax Appellate Tribunal case, ITA No.2597/Bang/2019, concerns M/s. Indraprastha Shelters Pvt. Ltd. for the Assessment Year 2011-12. The company, involved in real estate development, declared a total income of Rs.1,10,88,029/-. A significant portion of this income was declared under 'Income from House Property', with a deduction claimed for Rs.69,84,167/- representing interest paid on capital borrowed for property construction under section 24(b) of the Income Tax Act.

Court :
ITAT Bangalore

Brief :
This is an appeal by the assessee against the order dated 23.10.2019 of CIT(A)-3, Bangalore, relating to Assessment Year 2011-12.

Citation :
ITA No.2597/Bang/2019

IN THE INCOME TAX APPELLATE TRIBUNAL
“B” BENCH : BANGALORE

BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND
SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER

ITA No.2597/Bang/2019
Assessment Year :2011-12

M/s. Indraprastha Shelters Pvt. Ltd.,
4th Floor, Prestige Corniche,
No.62/1, Richmond Road,
Bangalore – 560 025.
PAN : AABCI 2643 B

Vs.

The Deputy Commissioner of Income Tax,
Circle –11(4),
Bangalore.

Assessee by : Shri. G. S. Prashanth, CA
Revenue by : Shri. Priyadarshi Mishra, JCIT(DR)(ITAT), Bangalore
Date of hearing : 14.12.2020
Date of Pronouncement : 16.12.2020

O R D E R

Per N. V. Vasudevan, Vice President

This is an appeal by the assessee against the order dated 23.10.2019 of CIT(A)-3, Bangalore, relating to Assessment Year 2011-12.

2. The assessee is a company engaged in the business of construction, development of real estate projects and renting of commercial building. For Assessment Year 2011-12, the assessee has filed return of income declaring total income of Rs.1,10,88,029/-. In the return so filed, the assessee has declared income under the head “Income from House Property” at Rs.1,10,64,559/-. In computing the income under the head “Income from House Property”, the assessee has claimed deduction of a sum of Rs.69,84,167/- under section 24(b) of the Income Tax Act, 1961 (hereinafter called ‘the Act’), as interest paid on capital borrowed for the purpose of construction of the property. The breakup of the interest so claimed as deduction is as follows:

To know more in details find the attachment file

FAQ :

The case number is ITA No.2597/Bang/2019, and the assessment year is 2011-12.

The assessee is M/s. Indraprastha Shelters Private Limited, Bangalore.

The assessee is engaged in the business of construction, development of real estate projects, and renting of commercial buildings.

The assessee declared a total income of Rs.1,10,88,029/- for the Assessment Year 2011-12.

The assessee claimed a deduction of Rs.69,84,167/- under section 24(b) of the Income Tax Act, 1961, as interest paid on capital borrowed for property construction.