https://www.taxtmi.com/caselaws?id=71308 The Tribunal allowed the appeal, ruling that the interest paid on borrowed funds for acquiring shares should be included in the cost of acquisition for computing short-term capital gains under Section 48(ii) of the Income Tax Act. It disagreed with the lower authorities, who had disallowed the interest component. The Tribunal also clarified that Section 14A, which pertains to expenses related to exempt income, was not applicable in this case since the capital gain from the sale of shares was taxable. Consequently, the Tribunal reversed the decisions of the AO and CIT(A), favoring the appellant's claim. en-us Thu, 31 Jan 2008 00:00:00 +0530 Fri, 19 Jan 2024 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71308 The Tribunal allowed the appeal, ruling that the interest paid on borrowed funds for acquiring shares should be included in the cost of acquisition for computing short-term capital gains under Section 48(ii) of the Income Tax Act. It disagreed with the lower authorities, who had disallowed the interest component. The Tribunal also clarified that Section 14A, which pertains to expenses related to exempt income, was not applicable in this case since the capital gain from the sale of shares was taxable. Consequently, the Tribunal reversed the decisions of the AO and CIT(A), favoring the appellant's claim. Case-Laws Income Tax Thu, 31 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71308