Interest expense on loans borrowed during the course of real estate and finance business is allowable: ITAT Delhi

Gurcharan Singh Bhatia Vs ACIT (ITAT Delhi) ITAT Delhi held that interest paid on loans borrowed during the course of business of real estate and finance business is allowable as deduction. Accordingly, disallowance of the same deleted. Facts- Vide the present appeal, the contention of the assessee is that the interest paid on bank loans is business expenditure and is deriving income from business on account of real estate and finance business was not accepted by AO as the assessee has not sold any property or built/purchased any property during the current assessment year. AO was of the view ...