https://www.taxtmi.com/caselaws?id=186550 Interest on debentures used to acquire immovable property remained deductible under section 24 of the Income-tax Act, 1961 because the borrowed funds were applied for house property and there was no statutory basis to reduce the deduction merely on the ground that the declared purchase price exceeded stamp duty valuation. Sections 40A(2), 92 and 93 were held inapplicable on these facts. Municipal taxes were also deductible where actual payment by the assessee was established, even though the receipt still stood in the name of the erstwhile owner and the municipal records had not yet been updated. en-us Fri, 28 Jan 2011 00:00:00 +0530 Thu, 22 Sep 2016 12:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186550 Interest on debentures used to acquire immovable property remained deductible under section 24 of the Income-tax Act, 1961 because the borrowed funds were applied for house property and there was no statutory basis to reduce the deduction merely on the ground that the declared purchase price exceeded stamp duty valuation. Sections 40A(2), 92 and 93 were held inapplicable on these facts. Municipal taxes were also deductible where actual payment by the assessee was established, even though the receipt still stood in the name of the erstwhile owner and the municipal records had not yet been updated. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186550