https://www.taxtmi.com/caselaws?id=347352 Interest paid on borrowed funds used for acquisition of property was treated as part of the assessee's cost of acquisition for long-term capital gains purposes under section 48, because the booking, bank finance, and direct payments to the vendor were integrally connected with the acquisition; indexation on the assessee's share of that interest was therefore allowed. For car running expenses, the assessee failed to produce a log book or comparable supporting material, so a reasonable ad hoc disallowance for possible personal or non-business use was upheld. The appeal thus succeeded on the capital gains issue and failed on the expense claim, resulting in partial relief. en-us Tue, 22 Aug 2017 00:00:00 +0530 Sat, 02 Sep 2017 11:19:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347352 Interest paid on borrowed funds used for acquisition of property was treated as part of the assessee's cost of acquisition for long-term capital gains purposes under section 48, because the booking, bank finance, and direct payments to the vendor were integrally connected with the acquisition; indexation on the assessee's share of that interest was therefore allowed. For car running expenses, the assessee failed to produce a log book or comparable supporting material, so a reasonable ad hoc disallowance for possible personal or non-business use was upheld. The appeal thus succeeded on the capital gains issue and failed on the expense claim, resulting in partial relief. Case-Laws Income Tax Tue, 22 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347352