Housing Loan Interest Dispute Sent Back for Verification

Mohitbhai Laxmanbhai Gajjar Vs DCIT (ITAT Ahmedabad) Housing Loan Interest Can Be Business Deduction If Funds Are Actually Deployed for Earning Income: ITAT Ahmedabad Remands Matter The Ahmedabad Bench of the ITAT allowed the assessee’s appeal for AY 2020-21 for statistical purposes and set aside the disallowance of ₹18.25 lakh being interest on an Axis Bank loan, holding that the actual utilisation of borrowed funds is decisive, not merely the purpose stated in the bank’s sanction letter. The Assessing Officer had restricted deduction of interest to ₹2 lakh under section 24(b) on the ...