https://www.taxtmi.com/caselaws?id=69023 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee in a case concerning the deduction of interest under section 24(1)(vi) for borrowed capital in property construction. The Tribunal held that as long as the loans were genuine and subsequent borrowings were used to repay the original loan in good faith, the deduction should not be restricted. Finding no evidence of colorable transactions, the Tribunal allowed the full relief claimed by the assessee, overturning the decision of the ITO and granting the full deduction of interest paid amounting to Rs. 50,826 for the assessment year 1984-85. en-us Mon, 23 Oct 1989 00:00:00 +0530 Tue, 15 Dec 2015 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69023 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee in a case concerning the deduction of interest under section 24(1)(vi) for borrowed capital in property construction. The Tribunal held that as long as the loans were genuine and subsequent borrowings were used to repay the original loan in good faith, the deduction should not be restricted. Finding no evidence of colorable transactions, the Tribunal allowed the full relief claimed by the assessee, overturning the decision of the ITO and granting the full deduction of interest paid amounting to Rs. 50,826 for the assessment year 1984-85. Case-Laws Income Tax Mon, 23 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69023