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2017 (3) TMI 144 - AT - Income TaxInterest claimed as deduction u/s 24(b) - Held that:- It is clear from the facts available on record that the sum of ₹ 11.63 crores was utilized for repayment of the original borrowing from M/s. Patton International Ltd is erroneous, which was admitted a loan borrowed for the purpose of acquisition of the property. In the light of the such admitted factual position, we are of the view that the deduction claimed by the Assessee has to be allowed as laid down in the proviso to Sec.24(b) of the Act.
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