https://www.taxtmi.com/caselaws?id=69303 The Appellate Tribunal dismissed the Revenue's appeal in a case concerning the deductibility of interest payment in computing property income for a property let out for a partial period. The Tribunal held that the interest deduction should be allowed for the entire accounting year without restriction based on the months of rent received, emphasizing the property's annual letting value and the absence of any provision limiting the deduction based on the period of letting out. This decision clarifies the interpretation of Section 24(1)(vi) and supports allowing the full interest payment as a deduction when the property is acquired or constructed with borrowed capital. en-us Thu, 05 Jul 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69303 The Appellate Tribunal dismissed the Revenue's appeal in a case concerning the deductibility of interest payment in computing property income for a property let out for a partial period. The Tribunal held that the interest deduction should be allowed for the entire accounting year without restriction based on the months of rent received, emphasizing the property's annual letting value and the absence of any provision limiting the deduction based on the period of letting out. This decision clarifies the interpretation of Section 24(1)(vi) and supports allowing the full interest payment as a deduction when the property is acquired or constructed with borrowed capital. Case-Laws Income Tax Thu, 05 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69303