Possession of property not mandatory to claim section 24(b) interest

Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) An assessee shall be entitled to claim deduction of any interest payable on the capital borrowed by him for acquiring, constructing, repairing, renewing or reconstructing a property. Admittedly, the assessee had acquired the residential property in question way back vide an agreement dated 20.09.2009. In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquire...