ITAT allows interest on loan against rented property as Income was charged to tax

Mansha Textiles Pvt. Ltd. Vs ITO (ITAT Ahmedabad) Introduction: The case of “Mansha Textiles Pvt. Ltd. vs ITO” was heard by the ITAT Ahmedabad and pertains to an appeal filed by the assessee against the order of the Ld. CIT(A) for Assessment Year 2011-12. The main issue revolves around the deduction claimed under section 24(b) of the Income Tax Act for interest paid on a loan taken against a rented property. Analysis: The appeal was filed against the assessment order passed by the Assessing Officer, which disallowed the deduction claimed by the assessee under section 24(b) of the I...