https://www.taxtmi.com/caselaws?id=66978 Mortgage interest was treated as deductible against business income because the earlier finding that it was expenditure incurred for the assessee's business had already attained finality and was not challenged by the Department. The prior direction to allow the interest against income from property was noted to be legally unsustainable after the omission of section 24(1)(iii) of the Income-tax Act, 1961 from 1 April 1969. The Appellate Assistant Commissioner's orders allowing the deduction against business income were therefore held consistent with the earlier Tribunal directions and the unchallenged findings, and the Revenue's challenge failed. en-us Mon, 14 Jul 1980 00:00:00 +0530 Tue, 08 Mar 2011 15:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66978 Mortgage interest was treated as deductible against business income because the earlier finding that it was expenditure incurred for the assessee's business had already attained finality and was not challenged by the Department. The prior direction to allow the interest against income from property was noted to be legally unsustainable after the omission of section 24(1)(iii) of the Income-tax Act, 1961 from 1 April 1969. The Appellate Assistant Commissioner's orders allowing the deduction against business income were therefore held consistent with the earlier Tribunal directions and the unchallenged findings, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 14 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66978