Disallowance of Excess Deductions and House Property Loss in Revised Returns: ITAT Sets Aside Order FAA’s Order

The ITAT has set aside an order and a FAA order, ruling that the "disallowance of excess deductions and a house property loss in a revised return" is not valid. The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot disallow a deduction if it is a bona fide deduction.