SHIPRA SRIVASTAVA Vs. ASSTT. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE present writ petition has been filed by the petitioners, who are husband and wife, and who are Doctors working in Escorts Heart Institute and Research Centre Ltd. (for short "EHIRCL"). The facts of the case are that the petitioners/assessees filed a return of income for the assessment year 2005 -2006 on 18.11.2005 and which was duly processed under Section 143(1) of the Income Tax Act, 1961. The petitioners were thereafter on 19.2.2007 issued notices under Section 147/148 of the Act. On request of the petitioners the reasons for issuing of the notices under Sections 147/148 were supplied and which are as under:

(2.) IN her computation of income statement, the assessee as well as her husband have claimed loss of Rs. 72815/ - each under the head "Income from House Property" on a/c of interest on housing loan. No supporting certificate issued by the banker in support of claim of interest (although such certificate is mandatorily to be furnished as per 3rd proviso to Section 24(b) before any deduction under the said Sub -section is allowed has been attached. Even if presuming that Possession of the property stands taken over, the ALV of the same should have been declared for assessment purposes as per Section 23 of the I.T. Act, as the assessee, is occupying accommodation in the hospital premises provided by his employer. The interest claim of the assessee as such is wrong claim either fully or at least partly because the same has to be reduced from the Annual Letting Value (ALV) of the property.

(3.) ISSUE notice Under Section 148 of the I.T. Act.