Wednesday, March 17, 2021

Interest paid on loan taken to repay housing loan is also allowed as deduction u/s 24(b)

INCOME TAX : Where assessee-company, engaged in business of real estate, borrowed loan from bank for construction of a commercial building project and further borrowed an amount to repay said earlier loan, interest paid by assessee on both such amounts borrowed by it was to be allowed as deduction under section 24(b)

from www.taxmann.com Latest Case Laws https://ift.tt/2OHoEsv

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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