Deduction of interest on borrowed capital U/s. 24(b) on building demolished during the year

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b).  Though a restriction as regards the quantum of deduction, is provided in the first proviso of section 24, however, nothing emerges from the statute, which therein contemplates, the jeopardizing of the claim of the assessee towards interest on borrowed capital, in a situation, where though the property was in existence during part of the year, but thereafter had ceased to...