1990 (8) TMI 20

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....UGLA J. -By this application under section 256(2) of the Income-tax Act, 1961 the Act "), the Department has contended that the Tribunal ought to have referred one question suggested by it as a question of law. The question reads as under : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that this was a case of change of opinion regardi....

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.... deduction of Rs. 80,519 being interest paid on mortgage of the property. However, it is seen that the loan so obtained was neither utilised by the assessee for acquiring, repairing, renovating, constructing, renewing or reconstructing the property under consideration. Hence, the interest so paid is not allowable as a deduction under section 24(1)(vi) of the Income-tax Act, 1961, thereby the incom....