https://www.taxtmi.com/caselaws?id=195721 The appeal filed by the revenue against the order allowing interest expenditure claimed by the assessee in relation to shares applied in an IPO but not allotted was dismissed. The ITAT Mumbai Bench held that the interest paid on borrowed funds for share acquisition should be treated as part of the cost of acquisition of shares, even if all applied shares were not allotted. Therefore, the interest expenditure was allowed as a deduction in computing short-term capital gain. en-us Fri, 11 May 2012 00:00:00 +0530 Wed, 08 Nov 2017 17:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195721 The appeal filed by the revenue against the order allowing interest expenditure claimed by the assessee in relation to shares applied in an IPO but not allotted was dismissed. The ITAT Mumbai Bench held that the interest paid on borrowed funds for share acquisition should be treated as part of the cost of acquisition of shares, even if all applied shares were not allotted. Therefore, the interest expenditure was allowed as a deduction in computing short-term capital gain. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195721