https://www.taxtmi.com/caselaws?id=435664 The Tribunal upheld the Commissioner of Income Tax (Appeals)-1, Rajkot's decision allowing the assessee's claim of interest expenses under section 24(b) of the Income Tax Act, 1961. The Revenue's appeal was dismissed, affirming that the interest expenses claimed by the closely held company engaged in leasing out shops and malls were sustainable in law as the borrowed funds were used to repay a liability related to construction, qualifying for deduction under section 24(b). en-us Wed, 22 Mar 2023 00:00:00 +0530 Fri, 24 Mar 2023 09:40:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435664 The Tribunal upheld the Commissioner of Income Tax (Appeals)-1, Rajkot's decision allowing the assessee's claim of interest expenses under section 24(b) of the Income Tax Act, 1961. The Revenue's appeal was dismissed, affirming that the interest expenses claimed by the closely held company engaged in leasing out shops and malls were sustainable in law as the borrowed funds were used to repay a liability related to construction, qualifying for deduction under section 24(b). Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435664