1980 (11) TMI 8

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.....T. Act, 1950. The petitioner challenges exts. P-3, P-4 and P-6 which are the orders of respondents 1, 2 and 3, respectively, in each of the petitions. By ext. P-6, the 3rd respondent, the Commr. of Agrl. I.T., affirmed the findings of the officers below, that the petitioner was not entitled to claim deduction of interest paid by it in the previous year in respect of a non-possessory mortgage on t....

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....ect of such mortgage or charge" The section is clear in so far as it allows deduction of interest in respect of any mortgage or charge on the property from which income has been derived. The purpose for which the mortgage was created is immaterial for the purpose of the section so long as the property was subject to a mortgage or charge and interest was payable in respect of the same. Any inter....

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....s a question which has to be determined. Such determination may be made with reference to the deduction already allowed in respect of the salary paid in proportion to the mature area. The third contention of the petitioner is that on the basis of an inspection report prepared in 1974, the company is sought to be assessed in respect of the previous years relevant to the assessment years 1972-73 ....