Interest on loans allowable as deduction u/s. 48 prior to A.Y. 2024-25: ITAT Kolkata

Bani Broto Banerjee Vs CIT (ITAT Kolkata) ITAT Kolkata held that interest expenditure incurred on loans taken for acquiring property is allowable as deduction under section 48. However, from Assessment Year 2024-2025, due to amendment in provisions, such expenditure will not be allowed as deduction. Facts-On perusal of the record, it revealed to the ld. Assessing Officer that the assessee was holding 99% share of Rainey Park Limited.  The Guest House/Hotel was being run by the assessee and ultimately on account of losses faced by him, he has sold the property. The ld. Assessing Officer has wo...