https://www.taxtmi.com/caselaws?id=764691 ITAT Kolkata upheld CIT(A)'s decision allowing interest expenditure on borrowed capital as part of cost of acquisition for computing LTCG on building sale. The tribunal relied on established HC precedents and noted that Finance Bill 2023's proposed amendment to Section 48, effective from AY 2024-25, would prevent double deduction by excluding interest claimed under Section 24 from acquisition cost. This prospective amendment confirms the existing legal position permits such deduction as part of acquisition cost for capital gains computation. en-us Mon, 18 Nov 2024 00:00:00 +0530 Wed, 15 Jan 2025 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764691 ITAT Kolkata upheld CIT(A)'s decision allowing interest expenditure on borrowed capital as part of cost of acquisition for computing LTCG on building sale. The tribunal relied on established HC precedents and noted that Finance Bill 2023's proposed amendment to Section 48, effective from AY 2024-25, would prevent double deduction by excluding interest claimed under Section 24 from acquisition cost. This prospective amendment confirms the existing legal position permits such deduction as part of acquisition cost for capital gains computation. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764691