https://www.taxtmi.com/caselaws?id=449716 ITAT Delhi dismissed the assessee's appeal regarding inclusion of housing loan interest in cost of acquisition for capital gains computation. The tribunal held that interest on borrowed money lacks direct nexus with property purchase and constitutes a separate transaction from asset acquisition. Following SC precedent in Tata Iron Steel case, the tribunal distinguished between asset cost and cost of raising funds. Where property is sold within five years before claiming full interest deduction under Section 24(b), unclaimed interest cannot be added to acquisition cost under Section 48. The CIT(A)'s disallowance was upheld. en-us Thu, 15 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 10:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449716 ITAT Delhi dismissed the assessee's appeal regarding inclusion of housing loan interest in cost of acquisition for capital gains computation. The tribunal held that interest on borrowed money lacks direct nexus with property purchase and constitutes a separate transaction from asset acquisition. Following SC precedent in Tata Iron Steel case, the tribunal distinguished between asset cost and cost of raising funds. Where property is sold within five years before claiming full interest deduction under Section 24(b), unclaimed interest cannot be added to acquisition cost under Section 48. The CIT(A)'s disallowance was upheld. Case-Laws Income Tax Thu, 15 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449716