https://www.taxtmi.com/caselaws?id=328166 The Tribunal allowed the Assessee's appeals for the Assessment Years 2007-08 and 2009-10, ruling in favor of the Assessee on the disallowance of interest claimed against property income and the acceptance of funds borrowed for repayment of liabilities as part of the cost of acquisition. The Tribunal considered the repayment of liabilities attached to the property as a cost of improvement, in line with legal precedents, and directed the Assessing Officer to allow the claimed interest expenditure under section 24(b) of the Income Tax Act. en-us Wed, 11 May 2016 00:00:00 +0530 Fri, 27 May 2016 10:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328166 The Tribunal allowed the Assessee's appeals for the Assessment Years 2007-08 and 2009-10, ruling in favor of the Assessee on the disallowance of interest claimed against property income and the acceptance of funds borrowed for repayment of liabilities as part of the cost of acquisition. The Tribunal considered the repayment of liabilities attached to the property as a cost of improvement, in line with legal precedents, and directed the Assessing Officer to allow the claimed interest expenditure under section 24(b) of the Income Tax Act. Case-Laws Income Tax Wed, 11 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328166