https://www.taxtmi.com/caselaws?id=118303 The Tribunal upheld the allowance of interest paid on borrowed money for construction under section 24(1)(vi), regardless of whether the amount was classified as a deposit or a loan. The Tribunal emphasized the intention to permit the deduction of interest on funds utilized for construction purposes, even if not owned by the assessee. Additionally, the Tribunal directed a re-examination of the allowance of interest deduction concerning the investment in NTPC tax-free bonds, with the onus on the assessee to establish the connection between the funds received and invested in bonds. The revenue's appeal was allowed for statistical purposes, necessitating a fresh review of the issue regarding NTPC bond investments and their impact on interest deduction under section 24(1)(vi). en-us Tue, 02 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118303 The Tribunal upheld the allowance of interest paid on borrowed money for construction under section 24(1)(vi), regardless of whether the amount was classified as a deposit or a loan. The Tribunal emphasized the intention to permit the deduction of interest on funds utilized for construction purposes, even if not owned by the assessee. Additionally, the Tribunal directed a re-examination of the allowance of interest deduction concerning the investment in NTPC tax-free bonds, with the onus on the assessee to establish the connection between the funds received and invested in bonds. The revenue's appeal was allowed for statistical purposes, necessitating a fresh review of the issue regarding NTPC bond investments and their impact on interest deduction under section 24(1)(vi). Case-Laws Income Tax Tue, 02 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118303