Commissioner Of Income-Tax vs Sushila Devi Jain on 12 November, 2002
It was further held by Punjab & Haryana High Court
in the case of CIT Vs. Sushila Devi Jain (2001) 259 ITR 671 that it
was necessary to determine the intention of assessee at the time of
purchase of land and property should be considered. Therefore,
keeping in view, the ratio of judgments of various courts law of
higher authorities and Hon'ble Courts. I incline to agree with the
contention of Ld.AR and delete the addition of Rs.33,47,778/- made
on account of disallowance of interest and other expenses. Hence,
the ground of appeal is allowed".