https://www.taxtmi.com/caselaws?id=258826 The Tribunal allowed the appeal of the partnership firm, directing the AO to allow the deduction for interest paid on partners' capital under section 24(b). The Tribunal considered the capital deployed for construction as borrowed capital, related to premises let out by the firm, falling under "Income from house property." This decision overturned the CIT(Appeals)'s disallowance and upheld the precedent set in a previous year's decision favoring the assessee. en-us Wed, 16 May 2012 00:00:00 +0530 Tue, 21 Apr 2015 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258826 The Tribunal allowed the appeal of the partnership firm, directing the AO to allow the deduction for interest paid on partners' capital under section 24(b). The Tribunal considered the capital deployed for construction as borrowed capital, related to premises let out by the firm, falling under "Income from house property." This decision overturned the CIT(Appeals)'s disallowance and upheld the precedent set in a previous year's decision favoring the assessee. Case-Laws Income Tax Wed, 16 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258826