Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT upheld the CIT(A)'s decision allowing the deduction of interest expenditure while computing LTCG on sale of a building, treating it as part of the cost of acquisition. This was based on the Delhi HC judgment in Mithlesh Kumari's case. The ITAT noted the proposed amendment in Sec 48 from AY 2024-25 disallowing such interest deduction, clarifying the existing legal position permitting it. Hence, no interference was warranted in the CIT(A)'s order.
The ITAT upheld the CIT(A)'s decision allowing the deduction of interest expenditure while computing LTCG on sale of a building, treating it as part of the cost of acquisition. This was based on the Delhi HC judgment in Mithlesh Kumari's case. The ITAT noted the proposed amendment in Sec 48 from AY 2024-25 disallowing such interest deduction, clarifying the existing legal position permitting it. Hence, no interference was warranted in the CIT(A)'s order.
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TaxTMI 
TaxTMI 
of 4915 
