Case Law Details
Case Name : Sameer Kishore Koticha Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2016–17
Courts :
All ITAT ITAT Mumbai
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Sameer Kishore Koticha Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that entire interest paid on loan for acquiring commercial property is allowable as deduction. Restriction as provided in 2nd proviso to section 24(b) is not applicable. Hence, the amount of loss under the head ‘income from house property’, which is not set off against the income under the other head of income be allowed to be carried forward as per provisions of section 71B of the Act.
Facts-
The only grievance of the assessee is against denial of complete deduction of interest paid on the loan under section 24(b) of the Act an...
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Author Bio
The Income tax form automatically cap the dedcution amount to Rs. 2 lakh; how to claim deduction on the entire interest paid for commercial property