https://www.taxtmi.com/caselaws?id=27586 The High Court of Karnataka addressed the treatment of interest on borrowings for the purchase of shares in computing capital gains. The court held that interest paid on money borrowed for buying shares is part of the cost of the asset for calculating capital gains under section 48. It emphasized that if an amount is already allowed under a different section, it cannot be claimed as a deduction for computing capital gains. The court remitted the matter back to the Tribunal to address the potential double deduction issue raised by the Revenue. The decision underscores the importance of avoiding double deductions in the computation of capital gains. en-us Tue, 15 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 17:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27586 The High Court of Karnataka addressed the treatment of interest on borrowings for the purchase of shares in computing capital gains. The court held that interest paid on money borrowed for buying shares is part of the cost of the asset for calculating capital gains under section 48. It emphasized that if an amount is already allowed under a different section, it cannot be claimed as a deduction for computing capital gains. The court remitted the matter back to the Tribunal to address the potential double deduction issue raised by the Revenue. The decision underscores the importance of avoiding double deductions in the computation of capital gains. Case-Laws Income Tax Tue, 15 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27586