Deduction under Sect 24 for Interest Payment on Housing Loan

This query is : Resolved

Pradeep Kumar (Querist)
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30 June 2009 hi
with respect to the above sunject, I wish to ask whether Occupancy Certificate from the Muncipal Corporation is required to claim deduction u/s 24(b) of Income Tax Act, 1961. The Assessee for some reason has not been able to get the Occupation Certificate, however the consideration is paid, Possession is also with the assessee & the interest is also paid on time for the year.
Can the assessee claim deduction u/s 24(b) or the this deduction would be disallowed for want of Occupancy Certificate??
Though the Act does not say anything in this regard, the assessee is owner under Section 27 of the Act. But are there any case laws that have held that deduction wont be allowed. Please let me knw.