https://www.taxtmi.com/caselaws?id=35958 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on a loan individually raised for construction. The Court emphasized individual computation of income for co-owners based on definite shares, rejecting the revenue's interpretation that assessed co-owners collectively. The judgment upheld statutory provisions, ensuring fair taxation and consistency with prior decisions. The revenue was directed to bear the case costs, affirming the assessee's right to the claimed deduction. en-us Tue, 07 Apr 1981 00:00:00 +0530 Thu, 18 Mar 2010 11:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35958 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on a loan individually raised for construction. The Court emphasized individual computation of income for co-owners based on definite shares, rejecting the revenue's interpretation that assessed co-owners collectively. The judgment upheld statutory provisions, ensuring fair taxation and consistency with prior decisions. The revenue was directed to bear the case costs, affirming the assessee's right to the claimed deduction. Case-Laws Income Tax Tue, 07 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35958