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Deduction u/s 36(1)(vii) eligible on interest on loans given for residential purpose for period less than 5 years: ITAT Mumbai
Case Law Details
- Case Name
- Housing Development Finance Corporation Limited Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1998-99
- Courts
- All ITAT, ITAT Mumbai
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Housing Development Finance Corporation Limited Vs ACIT (ITAT Mumbai)
ITAT Mumbai held that income by way of interest on loans given for residential purposes for period less than 5 years is eligible for deduction under section 36(1)(vii) of the Income Tax Act.
Facts- During the year under consideration, the assessee has claimed an amount of 101,58,37,175/- as deduction under section 36(1)(viii) of the Act. The assessee has shown the income arising from housing finance business at Rs.247,36,18,306/- and had claimed 40% of the same as deduction under section 36(1)(viii) of the Act.
AO did not ac...
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