https://www.taxtmi.com/caselaws?id=346477 HC allowed revision challenge and restored the Assessing Officer's allowance of interest deduction under s.24(b) for interest on optionally fully convertible debentures used to repay past loans that financed building construction. The court found the assessee had demonstrated a direct correlation between debenture proceeds and repayment of construction-related loans, the AO's view was plausible and aligned with CBDT clarification, and the Commissioner had no basis to overturn that assessment in revision. Decision in favour of the assessee. en-us Thu, 10 Aug 2017 00:00:00 +0530 Thu, 25 Sep 2025 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346477 HC allowed revision challenge and restored the Assessing Officer's allowance of interest deduction under s.24(b) for interest on optionally fully convertible debentures used to repay past loans that financed building construction. The court found the assessee had demonstrated a direct correlation between debenture proceeds and repayment of construction-related loans, the AO's view was plausible and aligned with CBDT clarification, and the Commissioner had no basis to overturn that assessment in revision. Decision in favour of the assessee. Case-Laws Income Tax Thu, 10 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346477