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Discount on debentures issued for construction of house property allowable
Case Law Details
- Case Name
- M/s. Litolier Properties Pvt. Ltd. Vs. Income tax Officer (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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Discount on deep discount debentures issued for construction of house property is allowable
ITAT held that the proportionate discount on deep discount debentures issued for construction of house property is in the nature of interest as defined under Section 2(28A) of the Income-tax Act, 1961 (the Act). Therefore, such interest would be allowable as deduction under the provisions of Section 24(b) of the Act while computing income from house property. The Tribunal relying on the Supreme Court’s decision in the case of Madras Industrial Investment Corporation Ltd. v Commissioner of Income...
