https://www.taxtmi.com/caselaws?id=60934 The Appellate Tribunal allowed the appeal, directing the deduction of interest payable on instalments to the estate office under section 24(1)(vi) of the Income-tax Act. The Tribunal held that the unpaid instalments constituted borrowed capital for property acquisition, making the interest paid deductible. The Tribunal dismissed the appeal on charging interests under other sections and instructed the Assessing Officer to recalculate any applicable interest considering the allowed deduction. Ultimately, the disallowed interest deduction was directed to be allowed based on the transaction nature between the assessee and the estate office. en-us Fri, 29 Aug 1997 00:00:00 +0530 Sat, 08 Jan 2011 16:44:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60934 The Appellate Tribunal allowed the appeal, directing the deduction of interest payable on instalments to the estate office under section 24(1)(vi) of the Income-tax Act. The Tribunal held that the unpaid instalments constituted borrowed capital for property acquisition, making the interest paid deductible. The Tribunal dismissed the appeal on charging interests under other sections and instructed the Assessing Officer to recalculate any applicable interest considering the allowed deduction. Ultimately, the disallowed interest deduction was directed to be allowed based on the transaction nature between the assessee and the estate office. Case-Laws Income Tax Fri, 29 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60934