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2009 (11) TMI 552 - AT - Income TaxIncome from house property – Whether or not the interest is deductible u/s 24(vi) - In the present case, the original loan was not taken for the purpose as prescribed under cl. (vi) of sub-s. (1) of s. 24 and the same was taken for business purposes - The undisputed fact emerging from the records is that the deceased father of the assessee took the loan of Rs. 1 crore from EBSL for business purposes by mortgaging the property in question - When the interest payable on the original loan is not allowable under s. 24(1)(vi), then the interest paid or payable on the second loan for repayment of original loan is also not allowable - the loan taken from HSBC for repayment of earlier loan does not fall under the category of loan for discharging the liability of the loan taken for acquisition or construction etc. of the property – Appeal is dismissed
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