2018 (6) TMI 1288

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....a Rao, AR ORDER PER D.S. SUNDER SINGH, Accountant Member: This appeal is filed by the revenue against the order of the Commissioner of Wealth Tax (Appeals)[CWT(A)], Vijayawada vide I.T.A No.205/CIT(A)/VJA/2014-15 dated 28.10.2016 for the assessment year 2007-08.. 2. The assessee is an individual and has not filed the wealth tax return for the assessment year 2007-08. The Assessing Officer (A....

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....s.1,17,72,560/- 3. Aggrieved by the order of the AO, the assessee went on appeal before the CWT(A) and argued that she has availed the housing loan of Rs. 87,50,920/- from ICICI Home Finance for acquiring the house property and requested for allowing deduction of loan from the value of house property. She also furnished the evidence for availing home loan facility from ICICI Home Finance Ltd. Acc....

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....3. The Id. CIT(A) erred in allowing the claim of loan outstanding without proper verification and examination as to whether there is nexus between the loan taken and the asset held by the assessee and also the correctness of the outstanding balance; outstanding balance; 4. The Id. CIT(A) erred in deleting cash in hand in excess of Rs. 50,000[- since the assesseeis an individual and the exclusion....

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....e AO during the assessment proceedings. The evidence which was furnished before the CWT(A) first time for allowing the deduction and the Ld.CWT(A) has not called for the remand. Therefore, we are of the considered view that the issue should be remitted back to the file of the AO to consider the deduction in respect of loan availed by the assessee relating to the Banjara Hills property. Accordingly....