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The ITAT upheld the deduction of interest under section 24(b) claimed on loans used for acquiring let-out property, rejecting the revenue's disallowance as the interest was linked to the rented flat. Regarding the addition under section 56(2)(vii)(ii) for the difference between agreement and stamp duty values, the tribunal applied a harmonious construction with related provisions and allowed a 10% margin of variance. Since the difference here was within that limit, no addition was warranted. Consequently, the revenue's appeal was dismissed in entirety, affirming the assessee's entitlement to interest deduction and excluding the purported income addition based on marginal valuation difference.
The ITAT upheld the deduction of interest under section 24(b) claimed on loans used for acquiring let-out property, rejecting the revenue's disallowance as the interest was linked to the rented flat. Regarding the addition under section 56(2)(vii)(ii) for the difference between agreement and stamp duty values, the tribunal applied a harmonious construction with related provisions and allowed a 10% margin of variance. Since the difference here was within that limit, no addition was warranted. Consequently, the revenue's appeal was dismissed in entirety, affirming the assessee's entitlement to interest deduction and excluding the purported income addition based on marginal valuation difference.
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