https://www.taxtmi.com/caselaws?id=393540 The appeal, despite a 66-day delay, was admitted after condonation. The dispute centered on house property income from a residential property in Mumbai, where the assessee claimed a loss due to interest on borrowed capital. Authorities restricted the interest claim, viewing it as a tax-avoidance scheme. The Tribunal, while acknowledging the arrangement's uniqueness, sought further investigation into property specifics and directed the assessee to justify the interest allocation. The appeal was partially allowed, emphasizing the need for a reasonable basis for interest allocation across property sections. en-us Thu, 05 Mar 2020 00:00:00 +0530 Wed, 18 Mar 2020 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393540 The appeal, despite a 66-day delay, was admitted after condonation. The dispute centered on house property income from a residential property in Mumbai, where the assessee claimed a loss due to interest on borrowed capital. Authorities restricted the interest claim, viewing it as a tax-avoidance scheme. The Tribunal, while acknowledging the arrangement's uniqueness, sought further investigation into property specifics and directed the assessee to justify the interest allocation. The appeal was partially allowed, emphasizing the need for a reasonable basis for interest allocation across property sections. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393540