Deduction u/s 36(1)(vii) eligible on interest on loans given for residential purpose for period less than 5 years: ITAT Mumbai

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...