Bangalore ITAT Allows Reconsideration of Disallowed Home Loan Interest Deduction

Shobha Sundar Babu Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, in the case of Shobha Sundar Babu vs. Income Tax Officer (ITO), partially allowed the assessee’s appeal for statistical purposes. The core issue involved the disallowance of a significant deduction claimed under Section of the Income Tax Act, 1961, related to interest on borrowed capital for a house property. Background and Initial Disallowance The appeal concerned the Assessment Year (A.Y.) 2018-19. The assessee, Shobha Sundar Babu, had filed a return declaring total income, subsequently se...