Principal Commissioner Of Income Tax Central 2 New Delhi v. M/S Avantha Realty Ltd

OD-14

IN THE HIGH COURT AT CALCUTTA

SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE ITAT/257/2023 IA No: GA/2/2023 PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, NEW DELHI VS.

M/S. AVANTHA REALTY LTD.

BEFORE :

THE HON'BLE THE CHIEF JUSTICE T.S. SIVAGNANAM And THE HON'BLE JUSTICE HIRANMAY BHATTACHARYYA Date : 3rd May, 2024 Ms. Smita Das De, Adv.

Mr. Prithu Dudhoria, Adv.

...for appellant Mr. J.P. Khaitan, Sr. Adv.

Mr. Sanjay Bhowmik, Adv.

Mr. Navin Mittal, Adv.

...for respondent The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated October 25, 2021 passed by the Income Tax Appellate Tribunal, Delhi Bench "A", New Delhi in ITA No. 4361/Del/2016 for the assessment year 2011-12 The revenue has raised the following substantial questions of law for consideration :- "Whether on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal has erred on facts and in law in considering the decision of CIT(A) for allowing that interest on unpaid

amount to the seller is akin to interest on borrowed capital and the assessee is eligible for deduction under Section 24(b) of the Act, 1961 ?" We have heard Ms. Smita Das De, learned standing Counsel for the appellant and Mr. J.P. Khaitan, learned senior Counsel for the respondent. Identical question was decided in the assessee's own case for the assessment year 2010-11 in ITAT 256 of 2023 and by judgment dated 3rd May, 2024 appeal filed by the revenue was dismissed on the ground that no substantial questions of law arises for consideration. Following the said decision, this appeal is dismissed.

The stay application IA No: GA/2/2023 is also dismissed. (T.S. SIVAGNANAM, C.J.) (HIRANMAY BHATTACHARYYA, J.) SN/NM.

AR(CR)