https://www.taxtmi.com/caselaws?id=396633 Section 263 revision was sustained where the Assessing Officer had not made necessary enquiry on the sale consideration and stamp valuation for capital gains, including possible reference to the DVO under section 50C. The objection that revision was barred by a pending appeal failed. On the computation issue, interest on borrowed funds that had already been allowed under section 24(b) could not be capitalised again as cost of acquisition, because that would result in a double deduction and the disallowance was upheld. Repairs and maintenance expenses, however, were remitted for fresh verification to determine whether they were capital in nature and otherwise not deductible. The assessee obtained only partial relief. en-us Tue, 09 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396633 Section 263 revision was sustained where the Assessing Officer had not made necessary enquiry on the sale consideration and stamp valuation for capital gains, including possible reference to the DVO under section 50C. The objection that revision was barred by a pending appeal failed. On the computation issue, interest on borrowed funds that had already been allowed under section 24(b) could not be capitalised again as cost of acquisition, because that would result in a double deduction and the disallowance was upheld. Repairs and maintenance expenses, however, were remitted for fresh verification to determine whether they were capital in nature and otherwise not deductible. The assessee obtained only partial relief. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396633