Court allows deduction of interest on property loan based on precedent. Assessee wins, no costs.

The HC of Bombay ruled in favor of the assessee, allowing deduction of interest paid on a loan for property construction based on a previous court judgment. No costs were awarded.

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The High Court of Bombay ruled in favor of the assessee, allowing deduction of interest paid on a loan for property construction. The decision was based on a previous court judgment. No costs were awarded. (Case citation: 1988 (11) TMI 8 - BOMBAY High Court)

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