https://www.taxtmi.com/caselaws?id=421782 The Tribunal found in favor of the assessee, setting aside the order passed by the Commissioner of Income Tax (Appeals) and directing the Assessing Officer to allow the interest paid to DCB Bank amounting to Rs. 1,12,37,579. The Tribunal concluded that the loans taken from DCB Bank were used to repay a housing loan and the nomenclature of the loan should not affect the allowability of interest under Section 24(b) of the Income Tax Act. The appeal by the assessee was allowed, and the returned income was directed to be accepted. en-us Thu, 28 Apr 2022 00:00:00 +0530 Mon, 02 May 2022 08:42:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421782 The Tribunal found in favor of the assessee, setting aside the order passed by the Commissioner of Income Tax (Appeals) and directing the Assessing Officer to allow the interest paid to DCB Bank amounting to Rs. 1,12,37,579. The Tribunal concluded that the loans taken from DCB Bank were used to repay a housing loan and the nomenclature of the loan should not affect the allowability of interest under Section 24(b) of the Income Tax Act. The appeal by the assessee was allowed, and the returned income was directed to be accepted. Case-Laws Income Tax Thu, 28 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421782