Court Rejects Capital Gains Deduction Claim for Interest on Loan u/s 48; Property Was Gifted, Not Purchased.

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....Computation of capital gains - Cost of Acquistion - Deduction u/s 48 - Interest paid on loan taken for settlement of arbitration award in favor of family members - The contention raised by assessee that it is the deduction claimed due to cost of acquisition rejected, since there is no cost incurred for acquisition, as the property had been gifted to the assessee by his parents. - AT....