https://www.taxtmi.com/caselaws?id=194675 The Tribunal ruled in favor of the assessee, overturning the disallowance of interest claimed as a cost of acquisition of capital assets for the assessment year 2008-09 under section 143(3) of the Income Tax Act, 1961. The Tribunal held that the interest cost incurred on borrowed funds for acquiring the capital asset should be considered part of the cost of acquisition under section 48(ii) of the Act, emphasizing the direct nexus between the interest cost and the capital asset. en-us Tue, 24 Jan 2017 00:00:00 +0530 Tue, 19 Sep 2017 10:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194675 The Tribunal ruled in favor of the assessee, overturning the disallowance of interest claimed as a cost of acquisition of capital assets for the assessment year 2008-09 under section 143(3) of the Income Tax Act, 1961. The Tribunal held that the interest cost incurred on borrowed funds for acquiring the capital asset should be considered part of the cost of acquisition under section 48(ii) of the Act, emphasizing the direct nexus between the interest cost and the capital asset. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194675