https://www.taxtmi.com/caselaws?id=426894 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the Revenue's appeal. The deletion of disallowance of Rs. 1,00,91,252/- on account of indexed cost of house property interest expenses and the allowance of deduction of Rs. 1,70,00,000/- under section 54 for a new residential unit were affirmed. The Tribunal clarified that interest expenses for acquiring a capital asset are part of the cost, and exemption for investment in a residential house on agricultural land is permissible under the Income Tax Act. en-us Thu, 25 Aug 2022 00:00:00 +0530 Sat, 27 Aug 2022 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426894 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the Revenue's appeal. The deletion of disallowance of Rs. 1,00,91,252/- on account of indexed cost of house property interest expenses and the allowance of deduction of Rs. 1,70,00,000/- under section 54 for a new residential unit were affirmed. The Tribunal clarified that interest expenses for acquiring a capital asset are part of the cost, and exemption for investment in a residential house on agricultural land is permissible under the Income Tax Act. Case-Laws Income Tax Thu, 25 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426894