Interest Deduction Approved for Building Loan as Land Classified as Business Asset u/s 37(1) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Allowance of interest - The land on which the assessee is constructing the building is to be treated as business asset of the assessee company - Allowed the claim of the assessee towards the interest and processing charges incurred on loan. - interest allowed u/s 37(1) - AT....