https://www.taxtmi.com/caselaws?id=377275 A residential property was not accepted as let out because the claim was unsupported by credible evidence: the assessee had originally reported nil annual value, later changed the stand during assessment, and the alleged cash rent left no verifiable trail. The supporting affidavit was treated as self-serving, so the property was held not to be actually let out within Section 23(3) and remained within Section 23(2) of the Income-tax Act, 1961. As a result, the restriction on interest deduction under Section 24 applied, and full deduction of interest on borrowed capital was denied. en-us Fri, 15 Mar 2019 00:00:00 +0530 Tue, 26 Mar 2019 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377275 A residential property was not accepted as let out because the claim was unsupported by credible evidence: the assessee had originally reported nil annual value, later changed the stand during assessment, and the alleged cash rent left no verifiable trail. The supporting affidavit was treated as self-serving, so the property was held not to be actually let out within Section 23(3) and remained within Section 23(2) of the Income-tax Act, 1961. As a result, the restriction on interest deduction under Section 24 applied, and full deduction of interest on borrowed capital was denied. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377275