https://www.taxtmi.com/caselaws?id=55077 The Appellate Tribunal ruled in favor of the assessee in a tax appeal regarding the inclusion of interest paid on a loan in calculating capital gain. The Tribunal held that the interest paid on the loan should be considered in determining the 'cost of acquisition' of the asset sold. Additionally, the Tribunal clarified the distinction between 'cost of improvement' and 'cost of acquisition' under the Income-tax Act, emphasizing that interest paid on borrowed capital for purchase should be part of 'the cost of acquisition.' The case was remanded to the Income Tax Officer for further investigation, with the appeal allowed for statistical purposes. en-us Tue, 04 Mar 1986 00:00:00 +0530 Tue, 23 Nov 2010 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55077 The Appellate Tribunal ruled in favor of the assessee in a tax appeal regarding the inclusion of interest paid on a loan in calculating capital gain. The Tribunal held that the interest paid on the loan should be considered in determining the 'cost of acquisition' of the asset sold. Additionally, the Tribunal clarified the distinction between 'cost of improvement' and 'cost of acquisition' under the Income-tax Act, emphasizing that interest paid on borrowed capital for purchase should be part of 'the cost of acquisition.' The case was remanded to the Income Tax Officer for further investigation, with the appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 04 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55077