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INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH)
SHRI VIKAS AWASTHY, JM, SHRI AVDHESH KUMAR MISHRA, AM
Deputy Commissioner of Income Tax, Circle 1(1), R. No. 390, Central Revenue Building, New Delhi 110002 – Appellant
Versus
American Express (India) P. Ltd. – Respondent
| Table of Content |
|---|
| 1. substantial questions of law regarding the eligibility of deductions. (Para 2 , 3) |
| 2. discussion on interest income deductions for housing loans. (Para 4 , 5) |
| 3. interpretation of direct nexus in tax exemption. (Para 6 , 7 , 8) |
| 4. court’s reasoning supporting deductions and economic context. (Para 9 , 10 , 11) |
| 5. conclusion on the outcome of the cross appeals. (Para 14) |
ORDER
PER VIKAS AWASTHY, JM:
These cross appeals for AY 2003-04 are directed against the order of Commissioner of Income Tax (Appeals)-XX, New Delhi dated 28.08.2009, for AY 2003-04. These appeals are listed for hearing in second round before the Tribunal.
2. Initially these cross appeals were decided by the Tribunal vide order dated 18.05.2012, whereby, both appeals were partly allowed. Aggrieved, by the Tribunal order, the Revenue filed appeal before the Hon’ble Delhi High Court in ITA No.691/2012. One of the substantial questions of law for consideration before the Hon’ble High Court in Revenue’s appeal was:
“iii. Whether the interest on housing loan given to the employees qualifies for deduction u/s.10B of the Income Tax Act, 1961 ?”
The Hon’ble High Court vide order dated 15.01.2025 remitted the iss
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