Treatment of investment on construction of house under section 69C of IT

Last updated: 05 November 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (A) has erred in deleting the addition of ` 15,12,750/- made by the Assessing Officer on account of unexplained investment on construction/ renovation of 1st floor of House u/s. 69C of the Income Tax Act, 1961. The Ld. Commissioner of Income Tax (A) has erred in appreciation following facts and circumstances:- a) It is undisputed fact that the loan from LIC Housing Finance was for the purposes of construction of house which has been confirmed by Sh. R.T. Sharma, Panel Valuer of LIC Housing Finance under statement u/s. 131.

Citation :
Income Tax Officer,Ward-4, Hisar (Appellant) Vs. Smt. Suman Saini, W/o Sh. Vinod Kumar Saini, C/o Sh. S.K. Jain, Advocate,696/8, Ganga Bagh,Hansi-125003, (Haryana)(PAN/GIR NO.: AEZPS6199F)(Respondent)

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Broadcasts
  • Daily E-Newsletter
  • Unlimited Judgements Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

 

CS Bijoy
Published in Income Tax
Views : 1560
Share Report Abuse
Comments


Recent Judgments :

  1. Forest Development Tax Demand, Collection and Refund Subject to Final Outcome of Pending Cases
  2. SC : Extended Limitation Cannot Be Invoked Where Department Was Aware of Valuation Facts
  3. SC : Selling Shares While in Possession of UPSI Constitutes Insider Trading Even if No Profit Is Made
  4. SC : Laser Imagers Compatible with Machines Under Different Tariff Headings Classifiable Under CTH 9033
  5. Education Consultancy Services to Foreign Universities Not Intermediary Services; Refund of IGST on Export of Services Allowed
  6. Penalty Cannot Be Confirmed Beyond What is Specified in Statutory Form GST DRC-01
  7. Non-Supply of Field Visit Report Vitiates Rejection of Revocation Application
  8. Alternative Remedy before GSTAT to be Exhausted Despite Allegation that Adjudication Travelled Beyond SCN
  9. ITAT Jodhpur: AO Allows ₹2.61 Crore Deduction under Sections 54EC and 54F; Assessee's Appeal Dismissed as Infructuous
  10. CESTAT Revokes Suspension of Customs Broker Licence for Non-Compliance with Mandatory 15-Day Hearing Requirement

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member B L BhojwaniB L BhojwaniPro Member naresh kharenaresh kharePro Member Manoj SharmaManoj SharmaPro Member Ravi VarshneyRavi VarshneyPro Member purshottam guptapurshottam gupta
Subscribe to Pro
Join an elite circle of professionals

Browse by Category