https://www.taxtmi.com/caselaws?id=14062 The High Court of Karnataka ruled against the assessee in a case concerning the deduction of interest accrued on defaulted payments of royalty for computing capital gains. The court held that the interest accrued did not qualify as an improvement to the asset and could not be considered under the "cost of improvement." Additionally, the court determined that suffering tax on accrued income did not entitle the assessee to claim a reduction of the unrecovered interest amount from the sale consideration for computing capital gains. The tribunal's decision was upheld, denying the assessee's claims on both issues. en-us Wed, 22 Nov 2000 00:00:00 +0530 Mon, 13 Jul 2009 13:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14062 The High Court of Karnataka ruled against the assessee in a case concerning the deduction of interest accrued on defaulted payments of royalty for computing capital gains. The court held that the interest accrued did not qualify as an improvement to the asset and could not be considered under the "cost of improvement." Additionally, the court determined that suffering tax on accrued income did not entitle the assessee to claim a reduction of the unrecovered interest amount from the sale consideration for computing capital gains. The tribunal's decision was upheld, denying the assessee's claims on both issues. Case-Laws Income Tax Wed, 22 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14062