https://www.taxtmi.com/caselaws?id=194669 The ITAT Mumbai upheld the CIT(A)'s decision allowing the assessee to capitalize interest on borrowed funds used for acquiring shares as part of the cost of acquisition in computing capital gains. Relying on a Madras High Court judgment, the ITAT rejected the Revenue's argument that interest expenses cannot be included in the purchase cost of shares. The ITAT distinguished previous Tribunal decisions and affirmed the treatment of interest costs in line with the legal precedent, leading to the dismissal of the Revenue's appeal. en-us Fri, 08 May 2015 00:00:00 +0530 Tue, 19 Sep 2017 10:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194669 The ITAT Mumbai upheld the CIT(A)'s decision allowing the assessee to capitalize interest on borrowed funds used for acquiring shares as part of the cost of acquisition in computing capital gains. Relying on a Madras High Court judgment, the ITAT rejected the Revenue's argument that interest expenses cannot be included in the purchase cost of shares. The ITAT distinguished previous Tribunal decisions and affirmed the treatment of interest costs in line with the legal precedent, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 08 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194669