https://www.taxtmi.com/caselaws?id=435703 The ITAT Chennai allowed the appeals filed by the domestic real estate company against the disallowance of deduction under section 24(b) of the Act for interest paid on borrowed capital. The ITAT Chennai held that the assessee could claim the interest deduction against rental income as the building was let out during the relevant financial year, overturning the decisions of the AO and Ld.CIT(A). The ITAT Chennai directed the AO to delete the disallowance for both assessment years, emphasizing the timeline of building completion and rental income generation in support of the deduction claim. en-us Wed, 30 Nov 2022 00:00:00 +0530 Fri, 24 Mar 2023 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435703 The ITAT Chennai allowed the appeals filed by the domestic real estate company against the disallowance of deduction under section 24(b) of the Act for interest paid on borrowed capital. The ITAT Chennai held that the assessee could claim the interest deduction against rental income as the building was let out during the relevant financial year, overturning the decisions of the AO and Ld.CIT(A). The ITAT Chennai directed the AO to delete the disallowance for both assessment years, emphasizing the timeline of building completion and rental income generation in support of the deduction claim. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435703