https://www.taxtmi.com/caselaws?id=64884 The Tribunal allowed the appeal, permitting the deduction of interest on borrowed funds for constructing a newly built house, rejecting the Income Tax Officer's denial of the deduction as capital expenditure. The Tribunal held that deductions under section 24 could result in a loss figure, contrary to the restrictive clause in section 23(1)(c). Additionally, the Tribunal dismissed the disallowance of entertainment and maintenance expenses due to lack of evidence that the issue was raised before the Appellate Assistant Commissioner. en-us Fri, 31 Jan 1986 00:00:00 +0530 Thu, 10 Feb 2011 18:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64884 The Tribunal allowed the appeal, permitting the deduction of interest on borrowed funds for constructing a newly built house, rejecting the Income Tax Officer's denial of the deduction as capital expenditure. The Tribunal held that deductions under section 24 could result in a loss figure, contrary to the restrictive clause in section 23(1)(c). Additionally, the Tribunal dismissed the disallowance of entertainment and maintenance expenses due to lack of evidence that the issue was raised before the Appellate Assistant Commissioner. Case-Laws Income Tax Fri, 31 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64884