Interest on delayed payment in connection of acquisition of property is allowed u/s 24 (b)

Brief of the Case

ITAT Delhi held In the case of Wel Intertrade Pvt. Ltd. vs. ITO that there is no dispute that for purchasing the property at Munirka for a consideration of Rs.9,37,33,600, the assessee had taken loan from HDFC Bank for Rs.6.50 crores on which the authorities below have allowed the interest paid by the assessee. The property was acquired w.e.f. 22-09-2005 from Lal Bhai Reality Finance Pvt. Ltd. and Rs.2,21,879 as interest was paid on the delayed payment. The said delayed payment

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