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Interest on housing loan used for advancing loans can be claimed against Interest Income
Case Law Details
- Case Name
- Smt. Anuradha Agarwal Vs Income Tax Officer (ITAT Jodhpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Jodhpur
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Smt. Anuradha Agarwal Vs ITO (ITAT Jodhpur)
In all these appeals, the common issue involved is against confirming the disallowance on interest payment claimed U/s 57 of the Act. In this regard, the brief facts of the case are that the assessee has taken the one time loan from State Bank of India – Bhilwara on account of House Loan for house construction and concerned bank have charged and levied the interest amount of Rs 695008/-, however, the assessee has claimed the said interest as deduction U/s 57 of the Income Tax Act 1961 against interest income of Rs 8629517-which was received fro...
