Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 745 - AT - Income TaxAddition by way of set-off of interest expenditure under the head House Property - assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings - Held that:- Since the AO has not gone into the claim of the assessee no finding was given on the claims made by the assessee. The observations of the CIT(A) that since there is no adverse finding by the Assessing Officer, there is no justification in accepting the claim of the assessee is wrong. Since the AO has not gone into the claim of the assessee, we are of the view that this matter has to go back to the AO for proper verification of details of property acquired, rental income shown, loan borrowed for acquisition of property, interest paid on such loan etc., so as to satisfy that the condition u/s. 24(b) of the Act are complied for allowing such deduction. Thus, we restore the issue of deduction u/s. 24(b) of the Act to the file Assessing Officer for denovo consideration. AO shall provide adequate opportunity of being heard to the assessee and adjudicate the issue in accordance with law. Revenue's appeal allowed for statistical purpose.
|