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TMI Blog2018 (6) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 - W.T.A. No.02/Viz/2017 - - - Dated:- 6-6-2018 - SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER For The Appellant : Shri T.Satyanandham, DR For The Respondent : Shri D.L.Narasimha 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing deduction of loan from the value of house property. She also furnished the evidence for availing home loan facility from ICICI Home Finance Ltd. Accordingly, the Ld.CWT(A) allowed the deduction of ₹ 84,19,124/- from the taxable net wealth of the property and directed the AO to recompute the net wealth at ₹ 41,66,520/- in respect of Banjara Hills property appearing in plot No.73, Huda Heights, Hakeempet Village, Hyderabad. Accordingly, the Ld.CWT(A) computed the net wealth of ₹ 31,93,431/- after allowing basic exemption. 4. Aggrieved by the order of the Ld.CWT(A), the revenue is in appeal before us. The AO has raised the following grounds of appeal : 1. The Id. CWT(A) erred both in law and on the facts of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the order of the Ld.CWT(A) is set aside and the assessment is remitted back to the file of the AO with a direction to consider the issue afresh on merits. 7. Since we have set aside the order and remitted the matter back to the file of the AO, we consider it is not necessary to adjudicate the remaining grounds of appeal. 8. In the result, appeal of the revenue is allowed for statistical purpose. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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