https://www.taxtmi.com/caselaws?id=119326 The Tribunal ruled that the interest paid on borrowed funds for purchasing shares should be deducted when computing short-term capital gains, overturning the Assessing Officer's disallowance. However, it held that interest paid after acquiring the shares cannot be included in the cost of acquisition for capital gains computation, aligning with legislative provisions and precedents. The Tribunal allowed the revenue's appeal, emphasizing that such interest falls under revenue deductions, not as part of the acquisition cost. en-us Thu, 26 Jul 2007 00:00:00 +0530 Wed, 07 Feb 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119326 The Tribunal ruled that the interest paid on borrowed funds for purchasing shares should be deducted when computing short-term capital gains, overturning the Assessing Officer's disallowance. However, it held that interest paid after acquiring the shares cannot be included in the cost of acquisition for capital gains computation, aligning with legislative provisions and precedents. The Tribunal allowed the revenue's appeal, emphasizing that such interest falls under revenue deductions, not as part of the acquisition cost. Case-Laws Income Tax Thu, 26 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119326