https://www.taxtmi.com/caselaws?id=771386 The ITAT Mumbai quashed a reassessment notice issued under section 148 to a non-existing entity post-amalgamation, declaring it null and void. The tribunal upheld deduction under section 24(b) for interest on substituted loans used for property acquisition, as accepted in earlier years. Maintenance charges from lessees were correctly classified as business income rather than house property income, following Runwal Developers precedent. Pre-construction interest deduction was allowed on the entire loan amount of Rs. 30 crores for five years until property allotment, rejecting proportionate reduction by the AO. en-us Wed, 21 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771386 The ITAT Mumbai quashed a reassessment notice issued under section 148 to a non-existing entity post-amalgamation, declaring it null and void. The tribunal upheld deduction under section 24(b) for interest on substituted loans used for property acquisition, as accepted in earlier years. Maintenance charges from lessees were correctly classified as business income rather than house property income, following Runwal Developers precedent. Pre-construction interest deduction was allowed on the entire loan amount of Rs. 30 crores for five years until property allotment, rejecting proportionate reduction by the AO. Case-Laws Income Tax Wed, 21 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771386