1980 (7) TMI 139

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....sp;             In these two appeals, the Revenue objects to the orders of the AAC allowing deduction of interest of Rs. 5,558 and of Rs. 5,660 against the business income of the assessee for the two asst. yrs. 1970-71 and 1971-72. 2. We have heard Shri Kulwant Singh for the Revenue and Shri Kulwant Singh for the Revenue and Shri Na....

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....iven by the AAC to the ITO to allow their mortgage interest against income from property was clearly opposed to law since the provisions of s. 24(1)(iii) of the IT Act have been omitted w.e.f. 1st April, 1969 and the deduction of mortgage interest from income from property in the asst. yrs. 1970-71 and 1971-72 would be unwarranted in law. The Tribunal further directed that the AAC should have cons....