1993 (5) TMI 75

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....him along with the return and claimed a deduction under section 80C(2)(h)(ii) of the Act. The assessee had borrowed the money from HDFC who has issued a certificate stating that the principal amount of Rs. 2,910 and interest of Rs. 12,473 has been paid by him. In this case original assessment was completed under section 143(1)(a) on 16-2-1990 and a refund of Rs. 1,370 was granted on 19-2-1990 as against refund claim of Rs. 2,588. While completing the assessment, assessee's claim of deduction under section 80C for amount of repayment of principal amount of Rs. 9,664 was disallowed as no proof regarding completion of property after 1-4-1987 was attached with the return. The assessee moved an application dated 9-5-1990 requesting to rectify th....

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....excess of the annual value over the amount of rent payable for a year by the tenant ; or (ii) a sum equal to one-sixth of annual value, whichever is less : " Section 80C(2)(h)(ii) of the Act reads as under : " For the purposes of purchase or construction of a residential house property the construction of which is completed after 31-3-1987 and the income from which is chargeable to tax under the head ' Income from house property ' (or which, if it had not been used for the assessee's own residence, have been chargeable to tax under that head) where such payments are made towards or by way of--- (a) any instalment or part payment of the amount due under any self financing or other scheme of any development authority, housing board or ot....