https://www.taxtmi.com/caselaws?id=65802 The tribunal overturned the decisions of the lower authorities and instructed the ITO to reevaluate the interest deduction claim, considering the outstanding borrowed capital and its relation to the properties retained post-partial partition. The tribunal emphasized the importance of precise calculations and directed the assessee to furnish relevant details to support the claim for interest deduction on borrowed capital. The matter was remanded to the ITO for a thorough review and redetermination of the interest allowance under s. 24(1)(vi) of the IT Act, 1961. en-us Sat, 18 Feb 1984 00:00:00 +0530 Fri, 18 Feb 2011 17:41:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65802 The tribunal overturned the decisions of the lower authorities and instructed the ITO to reevaluate the interest deduction claim, considering the outstanding borrowed capital and its relation to the properties retained post-partial partition. The tribunal emphasized the importance of precise calculations and directed the assessee to furnish relevant details to support the claim for interest deduction on borrowed capital. The matter was remanded to the ITO for a thorough review and redetermination of the interest allowance under s. 24(1)(vi) of the IT Act, 1961. Case-Laws Income Tax Sat, 18 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65802