https://www.taxtmi.com/caselaws?id=366327 The Tribunal allowed the interest deduction of Rs. 1,02,37,297/- paid to Axis Bank Ltd. by the partnership firm engaged in real estate development. It established a nexus between the borrowed funds and repayment of earlier loans, directing the AO to allocate the interest between two buildings. Rs. 67,56,616/- was allowed under Section 24B, while Rs. 34,80,681/- was treated as business interest to set off against business income. The appeal was partly allowed in favor of the assessee. en-us Fri, 24 Aug 2018 00:00:00 +0530 Sat, 01 Sep 2018 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366327 The Tribunal allowed the interest deduction of Rs. 1,02,37,297/- paid to Axis Bank Ltd. by the partnership firm engaged in real estate development. It established a nexus between the borrowed funds and repayment of earlier loans, directing the AO to allocate the interest between two buildings. Rs. 67,56,616/- was allowed under Section 24B, while Rs. 34,80,681/- was treated as business interest to set off against business income. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366327