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2015 (10) TMI 2233 - AT - Income TaxDisallowance of interest u/s 24(b) while computing 'Income from House Property" - assessee contented that the interest has been paid on loan/capital received from the partners which was utilized in acquisition/ construction of property or repayment. of loan utilized for acquisition/ construction of property, hence, should have been allowed - Held that:- It is a case where partners have contributed the said amount of ₹ 3,82,33,742/- over and above their fixed capital contribution and therefore the payment of interest by the firm to the partners is an allowable expenditure if the said amount is used for acquisition or improvement of the house property in question as per provisions of sec.24(b) of the IT Act. See M/s.Sane & Doshe Enterprises [2015 (4) TMI 707 - ITAT MUMBAI] upheld by HC [2015 (4) TMI 882 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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