S.24 Interest for property acquisition allowed despite use in construction

Brief of the Case ITAT Delhi held in the case of Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT that as per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed. As per the explanation appended to the proviso of the aforesaid section, it is also clear that the property either be acquired or constructed with the borrowed capital. It is nowhere mentioned that the property must be acquired as well as constructed with the borrowed capital. The ...