Assessee claimed deduction under section 24 of an amount of Rs.1,38,31,621 in respect of interest paid\u00a0 on loan taken for construction of commercial property.\u00a0 The Assessing Officer disallowed the claim. CIT(A) confirmed the disallowance on the ground that\u00a0 there was no rental income. On appeal the\u00a0 assessee contended\u00a0 that building construction had been completed and it was ready to let out and it always had intention to let out property but due to market conditions it failed to let out and failure to let out could not be attributed to it.\u00a0 Tribunal held\u00a0 that\u00a0 there was no evidence to suggest that commercial building was ready in all respects by getting power connection, water connection, occupation certificate, clearance from fire fighting department, etc., it could not be presumed that building was ready to let out and assessee had taken steps to let out. In absence of any such evidence lower authorities were justified in disallowing claim of assessee with regard to interest paid on loan borrowed for construction of building. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 24 : Income from house property-Deductions-Interest on borrowed loan-commercial property was not ready to let out-In the absence of evidence the disallowance is affirmed. [S. 22] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31108","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-85K","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31108"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31108\/revisions"}],"predecessor-version":[{"id":31109,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31108\/revisions\/31109"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}