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 busi

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