https://www.taxtmi.com/caselaws?id=60423 The Tribunal ruled in favor of the Department, setting aside the CIT(A)'s decision and restoring that of the ITO. It held that the deduction of interest under section 24(1)(vi) of the IT Act should be limited to the original loan used for property purchase, excluding subsequent loans. The Tribunal emphasized that relief is restricted to the second loan used to repay the original loan, as per the Board's Circular, and cannot be extended to subsequent loans. The Department's appeals were allowed, leading to the disallowance of interest deduction on subsequent loans for all assessment years. en-us Fri, 13 Dec 1985 00:00:00 +0530 Wed, 05 Jan 2011 12:27:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60423 The Tribunal ruled in favor of the Department, setting aside the CIT(A)'s decision and restoring that of the ITO. It held that the deduction of interest under section 24(1)(vi) of the IT Act should be limited to the original loan used for property purchase, excluding subsequent loans. The Tribunal emphasized that relief is restricted to the second loan used to repay the original loan, as per the Board's Circular, and cannot be extended to subsequent loans. The Department's appeals were allowed, leading to the disallowance of interest deduction on subsequent loans for all assessment years. Case-Laws Income Tax Fri, 13 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60423