Allowing the appeal the Tribunal held that for claiming deduction of interest paid on borrowed capital for purchasing residential property under section 24(b) of the Act, possession of property is not a mandatory condition. (AY. 2015-16)
Abeezar Faizullabhoy v. CIT (2021) 191 ITD 509/ 214 TTJ 382 / 207 DTR 193 (Mum.)(Trib.)
S. 24 : Income from house property-Deductions-Interest paid on borrowed capital-Possession of property is not a mandatory condition for claiming the deduction. [S. 22, 23(2), 24(b)]