Interest on Loan of Leased portion of Building cannot be allowed as work-in-progress when eligible for Deduction u/s 24: ITAT [Read Order]

Interest on loan - loan - Interest - work-in-progress - deduction - ITAT - Taxscan

The Mumbai bench of the Income Tax Appellate Tribunal( ITAT ) has held that Interest on the loan of the leased portion of a building cannot be allowed as a work-in-progress when eligible for deduction under Section 24 of the Income Tax Act,1961. The assessee namely M/s Alpha associates filed regular returns of income for…

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