Interest paid on a housing loan used to acquire immovable...

Interest paid on a housing loan used to acquire immovable property was held to be a financial liability and not part of the 'cost of acquisition' for capital gains purposes; it is deductible, if otherwise permissible, under the head 'income from house property' as revenue expenditure, and cannot be capitalised into acquisition cost, resulting in rejection of the related grounds. On an amount paid for delayed possession sought to be treated as part of acquisition cost, the matter was correctly remitted for verification whether it was actually claimed in computation; if not claimed, no disallowance/addition could be made, and the appeal against remand was rejected. - ITAT