https://www.taxtmi.com/caselaws?id=58005 The Tribunal ruled in favor of the appellant, a Chartered Accountant, regarding the deduction of interest on borrowed capital for self-occupied properties. It held that the restriction of deduction to Rs. 5,000 applied only to the property chosen for own residence, allowing higher deductions for the second self-occupied property not used for own residence. The Tribunal directed the Income Tax Officer to accept the appellant's contentions, partially allowing the appeal for the assessment year 1987-88 and fully allowing it for the assessment year 1988-89. The appellant's withdrawal of a ground related to short-term capital loss for the assessment year 1987-88 was rejected by the Tribunal. en-us Thu, 31 Jan 1991 00:00:00 +0530 Wed, 15 Dec 2010 17:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58005 The Tribunal ruled in favor of the appellant, a Chartered Accountant, regarding the deduction of interest on borrowed capital for self-occupied properties. It held that the restriction of deduction to Rs. 5,000 applied only to the property chosen for own residence, allowing higher deductions for the second self-occupied property not used for own residence. The Tribunal directed the Income Tax Officer to accept the appellant's contentions, partially allowing the appeal for the assessment year 1987-88 and fully allowing it for the assessment year 1988-89. The appellant's withdrawal of a ground related to short-term capital loss for the assessment year 1987-88 was rejected by the Tribunal. Case-Laws Income Tax Thu, 31 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58005