Subir Kumar Banerjee v. ACIT (OSD) (2022) 195 ITD 366 (Nagpur)(Trib.)

S. 24 : Income from house property-Deductions-Interest on loan-Loans for purchasing flats-Further loan borrowed for repayment of earlier loans-Allowable as a deduction. [S. 22, 24(b)]

Assessee had borrowed a home loan from the bank for buying certain flats-Held that the nomenclature of the loan does not affect the allowability of interest under section 24(b) of the Act. Accordingly, interest paid on the second loan taken for repayment of an earlier loan which was borrowed to purchase a flat was allowable as a deduction. (AY. 2011-12)