https://www.taxtmi.com/caselaws?id=445810 The ITAT PUNE dismissed the assessee's appeal regarding disallowance of indexed cost of interest paid for property acquisition as deduction under section 48(ii) from Long Term Capital Gains. The tribunal held that interest expenditure on borrowed capital for property acquisition is allowable only under section 24 as deduction from house property income, not as cost of acquisition for capital gains computation. The AO's approach was deemed correct per statutory provisions. The tribunal also ruled that examining cost of acquisition was within the scope of limited scrutiny under CASS since it forms an integral part of property sale transactions selected for scrutiny. en-us Wed, 15 Nov 2023 00:00:00 +0530 Sat, 18 Nov 2023 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445810 The ITAT PUNE dismissed the assessee's appeal regarding disallowance of indexed cost of interest paid for property acquisition as deduction under section 48(ii) from Long Term Capital Gains. The tribunal held that interest expenditure on borrowed capital for property acquisition is allowable only under section 24 as deduction from house property income, not as cost of acquisition for capital gains computation. The AO's approach was deemed correct per statutory provisions. The tribunal also ruled that examining cost of acquisition was within the scope of limited scrutiny under CASS since it forms an integral part of property sale transactions selected for scrutiny. Case-Laws Income Tax Wed, 15 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445810