Held that the onus was upon the assessee to demonstrate that the borrowed funds had been fully utilized for purchase of the property and that the payment of interest was in respect of the borrowed funds. No documentary evidence was furnished. Disallowance is held to be proper. (AY.2011-12)
Niyant Heritage Hotels (P.) Ltd. v. ITO (2022) 93 ITR 11 (SN) (Delhi)(Trib.)
S. 24 : Income from house property-Deductions-Interest on borrowed funds-Onus on assessee-No Documentary evidence furnished-Disallowance proper. [S. 24(b)]