Allowing the appeal the Tribunal held that when a sum was taken to repay an earlier loan taken for construction of a property, interest paid on such loan was also deductible in computing deduction under section 24(b) if loan borrowed for the purpose of Constructing Commercial property. (AY. 2011-12)
Indraprastha Shelters (P.) Ltd. v. DCIT (2021) 187 ITD 306 /212 TTJ 674/ 202 DTR 434(Bang.)(Trib.)
S. 24 : Income from house property-Deductions-Business of real estate-Interest-Amount borrowed for repayment of earlier loan-Allowable as deduction. [S. 22, 24(b)]