Interest on Business Loans Deductible Under Business Head, Not House Property, Confirms ITAT Ruling.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on the account of Section 24 v/s business head u/s 37 - interest paid on housing loan - The ITAT upheld the CIT(A)'s decision, stating that if the interest is paid on capital borrowed for the purpose of business, it should be allowed as a deduction under the business head, and not under income from house property.....