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No Interest Deduction u/s 24(b) on Borrowings for Tenant Compensation
Case Law Details
- Case Name
- Michelle Y. Poonawalla Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
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Michelle Y. Poonawalla Vs DCIT (ITAT Pune)
No Deduction of Interest u/s 24(b) on Borrowed Funds Used to Compensate Tenants for Relinquishment of Tenancy Rights :Pune ITAT
In a combined order covering, Pune ITAT dismissed appeals against disallowance of interest u/s 24(b) claimed on borrowed capital used to compensate tenants for giving up tenancy rights.
Assessee had borrowed funds & utilized them to make payments to tenants for vacating premises and thereafter claimed deduction of interest u/s 24(b), contending that such borrowings were linked to acquisition of property income. AO rejecte...
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