https://www.taxtmi.com/caselaws?id=445353 ITAT Mumbai remanded the case to AO for fresh adjudication regarding deduction of interest under section 24(b). The assessee purchased property using unsecured loans from directors and shareholders, with the transaction including shops, car parking spaces, equity shares, and fully convertible debentures. The tribunal found that lower authorities failed to examine whether "property" under section 24 includes equity shares and debentures purchased alongside physical assets. The matter was remanded for determining if the assessee is entitled to claim interest deduction on loans taken for repayment of earlier loans, considering CBDT Circular No. 28/1969. Appeal partly allowed for statistical purposes. en-us Fri, 07 Jul 2023 00:00:00 +0530 Mon, 06 Nov 2023 10:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445353 ITAT Mumbai remanded the case to AO for fresh adjudication regarding deduction of interest under section 24(b). The assessee purchased property using unsecured loans from directors and shareholders, with the transaction including shops, car parking spaces, equity shares, and fully convertible debentures. The tribunal found that lower authorities failed to examine whether "property" under section 24 includes equity shares and debentures purchased alongside physical assets. The matter was remanded for determining if the assessee is entitled to claim interest deduction on loans taken for repayment of earlier loans, considering CBDT Circular No. 28/1969. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Fri, 07 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445353