https://www.taxtmi.com/caselaws?id=377657 The Tribunal dismissed the appeal, ruling that interest on borrowed capital for holding a capital asset post-acquisition is not deductible in computing short-term capital gains. The judgment clarified that only costs related to the acquisition or improvement of the asset qualify as part of its capital cost, while costs for holding or maintaining the asset are not allowed. Interest costs incurred during the holding period were deemed a revenue expenditure, not a capital cost, as they represent the time cost of funds and do not vary based on the asset's holding period. en-us Fri, 29 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 07:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377657 The Tribunal dismissed the appeal, ruling that interest on borrowed capital for holding a capital asset post-acquisition is not deductible in computing short-term capital gains. The judgment clarified that only costs related to the acquisition or improvement of the asset qualify as part of its capital cost, while costs for holding or maintaining the asset are not allowed. Interest costs incurred during the holding period were deemed a revenue expenditure, not a capital cost, as they represent the time cost of funds and do not vary based on the asset's holding period. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377657