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2016 (1) TMI 228 - HC - Income TaxEntitlement for the deduction u/s 24(1)(vi) - as per revenue the borrowed capital was not utilized for acquisition, renewal, repair, construction or reconstruction of the property which had been let out but had utilized for acquiring entire equity share holding of the company, so as to transfer the control and management of the company - ITAT allowed the claim - Held that:- The Assessing Officer as well as the CIT(A) had wrongly adjudicated that since the assessee had not borrowed the amount for acquiring the property, it was not entitled to deduction under Section 24 (1)(vi) of the Act. Once it is held that the assessee had borrowed the amount for acquiring the property, as a necessary corollary, it is held that the assessee had rightly been allowed deduction of ₹ 10,00,000/- by the Tribunal as interest paid thereon under Section 24(1)(vi) of the Act. The judgment in Sunil Kumar Sharma's case (2002 (2) TMI 91 - PUNJAB AND HARYANA High Court ), supported the case of the assessee wherein it was held that the interest portion of the installment of the purchase price of let out property was allowable as deduction under Section 24(1)(vi) of the Act. - Decided against the revenue
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