LAWS(IT)-2014-9-15

TUPUR CHATTERJI Vs. THE ACIT

Decided On September 16, 2014
Tupur Chatterji Appellant
V/S
The Acit Respondents

JUDGEMENT

(1.) THIS is an appeal filed by the assessee. It is directed against order passed by Ld. CIT(A) -3, Mumbai dated 23/12/2011 for assessment year 2008 -09. Grounds of appeal read as under:

(2.) ON the facts and in the circumstances of the case, the learned CIT(A) -3 Mumbai erred in not allowing the full interest of Rs. 3,50,641/ - paid for the second property, as the same was treated as deemed let out by the AO.

(3.) AFTER narrating the facts it was submitted by Ld. AR that the claim of the assessee is allowable in its entirety in accordance with clause (b) of section 24 of the Act. He submitted that the restriction of Rs. 1,50,000/ - is with regard to property on which sub -section (2) of section 23 is applicable. Ld. AR referred to the provisions of section 24 as well as section 23(2) of the Act and it was his case that only property in the shape of Flat at Bandra will fall within the ambit of section 23(2) and the restriction of interest would be applicable to that property and in respect of Nestle Property no interest limit is fixed by the statute.