https://www.taxtmi.com/caselaws?id=774363 ITAT Mumbai dismissed revenue's appeal in two matters. First, regarding disallowance of interest under section 24(b), the tribunal upheld assessee's claim for interest deduction on borrowed funds used to purchase rental property, noting undisputed rental income of Rs. 33,00,000. Second, on addition under section 56(2)(vii)(ii) for difference between agreement value and stamp duty value, the tribunal applied Joseph Mudaliar precedent allowing 10% margin difference, holding that since the difference was less than 10%, no addition warranted. The tribunal harmoniously construed section 56(2)(vii)(b)(ii) with similar provisions in sections 50C, 56(2)(x), and 43CA despite absence of explicit exception provision. en-us Thu, 03 Jul 2025 00:00:00 +0530 Tue, 08 Jul 2025 08:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774363 ITAT Mumbai dismissed revenue's appeal in two matters. First, regarding disallowance of interest under section 24(b), the tribunal upheld assessee's claim for interest deduction on borrowed funds used to purchase rental property, noting undisputed rental income of Rs. 33,00,000. Second, on addition under section 56(2)(vii)(ii) for difference between agreement value and stamp duty value, the tribunal applied Joseph Mudaliar precedent allowing 10% margin difference, holding that since the difference was less than 10%, no addition warranted. The tribunal harmoniously construed section 56(2)(vii)(b)(ii) with similar provisions in sections 50C, 56(2)(x), and 43CA despite absence of explicit exception provision. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774363