https://www.taxtmi.com/caselaws?id=258702 The Tribunal affirmed the allowance of interest deduction u/s 24(b) on interest-bearing security deposits received from tenants, emphasizing the borrowed capital nature of the deposits utilized for loan repayment. The Tribunal held that such deposits, exceeding 100 times the monthly rent, constituted borrowed money as they created a debt on the assessee. As the deposits were utilized for loan repayment, the interest deduction u/s 24(b) was deemed allowable, leading to the dismissal of the Revenue's appeal. en-us Wed, 25 Mar 2015 00:00:00 +0530 Sat, 18 Apr 2015 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258702 The Tribunal affirmed the allowance of interest deduction u/s 24(b) on interest-bearing security deposits received from tenants, emphasizing the borrowed capital nature of the deposits utilized for loan repayment. The Tribunal held that such deposits, exceeding 100 times the monthly rent, constituted borrowed money as they created a debt on the assessee. As the deposits were utilized for loan repayment, the interest deduction u/s 24(b) was deemed allowable, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258702