https://www.taxtmi.com/caselaws?id=402352 The Tribunal overturned the decision of the CIT(A) and directed that the deduction claimed by the assessee for interest paid to the lender should be allowed. The Tribunal emphasized that the CBDT Circular principles remain applicable under the current provisions of the Income Tax Act, allowing deductions for interest paid on loans used to repay original property construction loans, irrespective of the property type. The Tribunal held that the disallowance of the deduction by the revenue authorities was unsustainable, emphasizing that the nature of the property does not restrict eligibility for deductions under section 24(b) of the Act. en-us Wed, 16 Dec 2020 00:00:00 +0530 Tue, 29 Dec 2020 21:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402352 The Tribunal overturned the decision of the CIT(A) and directed that the deduction claimed by the assessee for interest paid to the lender should be allowed. The Tribunal emphasized that the CBDT Circular principles remain applicable under the current provisions of the Income Tax Act, allowing deductions for interest paid on loans used to repay original property construction loans, irrespective of the property type. The Tribunal held that the disallowance of the deduction by the revenue authorities was unsustainable, emphasizing that the nature of the property does not restrict eligibility for deductions under section 24(b) of the Act. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402352