https://www.taxtmi.com/caselaws?id=16806 The High Court of Calcutta ruled in favor of the assessee, affirming the Tribunal's decision to allow deductions for interest paid on the initial borrowed amount used for acquiring the house and for subsequent borrowings related to the unpaid purchase price. The Court held that once capital is borrowed for acquiring a house property, the interest paid on it should be deductible under section 24(1)(vi) of the Income-tax Act, 1961. The Revenue failed to challenge the applicability of the provision to the assessee's case, leading to the Court upholding the deductions for interest paid to the vendor company and Badridas Keshav Prosad. en-us Tue, 24 Mar 1998 00:00:00 +0530 Sat, 12 Sep 2009 13:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16806 The High Court of Calcutta ruled in favor of the assessee, affirming the Tribunal's decision to allow deductions for interest paid on the initial borrowed amount used for acquiring the house and for subsequent borrowings related to the unpaid purchase price. The Court held that once capital is borrowed for acquiring a house property, the interest paid on it should be deductible under section 24(1)(vi) of the Income-tax Act, 1961. The Revenue failed to challenge the applicability of the provision to the assessee's case, leading to the Court upholding the deductions for interest paid to the vendor company and Badridas Keshav Prosad. Case-Laws Income Tax Tue, 24 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16806