Deduction u/s 24 available for interest on loan of leased part of building

HGP Community Pvt. Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that interest on loan in respect of leased portion of the building is eligible for deduction u/s 24 of the Income Tax Act and accordingly cannot be allowed as work-in-progress.

Facts- In view of incriminating material belonging to the assessee seized and found at the premises of Hiranandani Group, after recording satisfaction under the provisions of the Act, a notice u/s. 153C of the Income-tax Act, 1961 was iss

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