Case Law Details
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, then irrespective of the use of the building, the claim of deduction under section 80C of the Act shall be allowed in respect of the repayment of the principal amount, of course subject to the maximum limit. Thus, the grounds of appeal for all the assessment years on this issue are treated as allowed for statistical purposes.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
ITA Nos. 962 and 966 to 968/Hyd/2015 are assessee’s appeals for the assessment years 2005-06 to 2011-12 against the order of the Commissioner (Appeals) for the respective assessment years while ITA No. 998/Hyd/2015 is Revenue’s appeal against the order of the Commissioner (Appeals) for the assessment year 2008-09.
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