Loan Interest Deduction u/s 48 of Income Tax Valid Despite Prior Claim u/s 24(b), Amendment to S. 48

ITAT ruled that loan interest deductions under Section 48 of the Income Tax Act are valid, even if a prior claim under Section 24(b) exists. The case involved amendments effective from AY 2024-25, where the taxpayer argued for dual applicability of deductions. The tribunal upheld the claim, stating that amendments do not restrict legitimate deductions across different sections. This ruling clarifies the interplay between tax deduction provisions and provides guidance for future assessments. Tax professionals view this as a taxpayer-friendly interpretation that encourages compliance and fosters confidence in the tax system.