https://www.taxtmi.com/caselaws?id=39026 The court held that the assessee-company is not entitled to deduct the entire amount of interest paid on the mortgage of buildings and machineries under section 24(1)(iii) of the Income-tax Act, 1961. The court affirmed the apportionment of interest between the properties and machineries as correct, stating that only the interest attributable to the mortgage of house property can be deducted. The decision favored the revenue, requiring the assessee to pay the costs of the reference to the Commissioner. en-us Mon, 05 Apr 1976 00:00:00 +0530 Mon, 12 Apr 2010 10:54:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39026 The court held that the assessee-company is not entitled to deduct the entire amount of interest paid on the mortgage of buildings and machineries under section 24(1)(iii) of the Income-tax Act, 1961. The court affirmed the apportionment of interest between the properties and machineries as correct, stating that only the interest attributable to the mortgage of house property can be deducted. The decision favored the revenue, requiring the assessee to pay the costs of the reference to the Commissioner. Case-Laws Income Tax Mon, 05 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39026