A lady from Juhu, Mumbai, submitted her income tax return (ITR) and claimed an interest deduction of Rs 1.49 crore after taking out a loan from Deutsche Bank.
She said this loan was used by her for investing in Venture Capital Funds (VCFs). She also claimed that the income from these investments in VCFs were reported in her ITR under the head “Income from other sources”. This is where the tax dispute began between her and the assessing officer.
