Itat/258/2023 Ia No: Ga/2/2023 Principal Commissioner Of Income Tax, Central-2, New Delhi v. M/S. Avantha Realty Ltd

OD–15 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITAT/258/2023IA No: GA/2/2023PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, NEW DELHIVS.M/S. AVANTHA REALTY LTD. BEFORE : THE HON’BLE THE CHIEF JUSTICE T.S. SIVAGNANAM AndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADate : 3[rd] May, 2024 Ms. Smita Das De, Adv.Mr. Prithu Dudhoria, Adv.…for appellantMr. 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 theIncome 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 Delhiin ITA No. 4362/Del/2016 for the assessment year 2012-13. The revenue has raised the following substantial questions of law forconsideration :- “Whether on the facts and in the circumstances of the case the LearnedIncome Tax Appellate Tribunal was justified in law in upholding thedecision of CIT(A) in allowing the interest on unpaid amount to the seller is akin to interest on borrowed capital and the assessee is eligible fordeduction under Section 24(b) of the Act, 1961 ?” We have heard Ms. Smita Das De, learned standing Counsel for theappellant and Mr. J.P. Khaitan, learned senior Counsel for the respondent. Identical question was decided in the assessee’s own case for theassessment year 2010-11 in ITAT 256 of 2023 and by judgment dated 3[rd] May,2024 appeal filed by the revenue was dismissed on the ground that nosubstantial 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.)