https://www.taxtmi.com/caselaws?id=412955 The Tribunal overturned the lower authorities' decision to disallow the deduction under Section 24(b) of The Income Tax Act for interest on a Home Loan. The denial was based on the assessee's lack of possession of the property due to ongoing disputes with the builder/society. However, the Tribunal held that possession was not a prerequisite for claiming the deduction, as ownership determined eligibility for deductions under Sections 22 and 23 of the Act. The Tribunal directed the Assessing Officer to allow the deduction of Rs. 2,00,000 claimed by the assessee for interest on the loan used to purchase a residential house. en-us Wed, 01 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 08:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412955 The Tribunal overturned the lower authorities' decision to disallow the deduction under Section 24(b) of The Income Tax Act for interest on a Home Loan. The denial was based on the assessee's lack of possession of the property due to ongoing disputes with the builder/society. However, the Tribunal held that possession was not a prerequisite for claiming the deduction, as ownership determined eligibility for deductions under Sections 22 and 23 of the Act. The Tribunal directed the Assessing Officer to allow the deduction of Rs. 2,00,000 claimed by the assessee for interest on the loan used to purchase a residential house. Case-Laws Income Tax Wed, 01 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412955