Assessee claimed deduction under section 24 of an amount of Rs.1,38,31,621 in respect of interest paid  on loan taken for construction of commercial property.  The Assessing Officer disallowed the claim. CIT(A) confirmed the disallowance on the ground that  there was no rental income. On appeal the  assessee contended  that building construction had been completed and it was ready to let out and it always had intention to let out property but due to market conditions it failed to let out and failure to let out could not be attributed to it.  Tribunal held  that  there was no evidence to suggest that commercial building was ready in all respects by getting power connection, water connection, occupation certificate, clearance from fire fighting department, etc., it could not be presumed that building was ready to let out and assessee had taken steps to let out. In absence of any such evidence lower authorities were justified in disallowing claim of assessee with regard to interest paid on loan borrowed for construction of building. (AY. 2011-12)