[aaykarbhavan] Cost of improvement is allowable even if it’s sourced from general loan and not necessarily using housing loan

Cost of improvement is allowable even if it's sourced from general loan and not necessarily using housing loan

March 22, 2014[2014] 42 taxmann.com 389 (Cochin - Trib.)

IT : Merely because loan used in improvement of house is a general loan and not a housing loan, cost of improvement cannot be disallowed

IT : Where assessee did not get opportunity to explain consequence of judgment of Apex Court where it was held that due date mentioned in section 54(2) certainly means due date as prescribed in section 139(1), matter was to be remanded back

 

Regards

Prarthana Jalan

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