Sec. 80C Allowable on Principal Loan Payment for residential Flat irrespective of use

A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) We have gone through the certificate issued by the Bank of India and find that the loan is given for purchase of a flat. The nature of the said flat purchased by the assessee, is not mentioned in the certificate. It could be a residential flat also. In view of the same, we deem it fit and proper to remand this issue to the file of the assessing officer with a direction to verify the nature of the property, and if it is found to be a residential property purchased by the assessee against which the assessee has been given loan by the Bank of India, ...