Interest on Borrowed Funds Allowed U/s. 48 Before AY 2024-25: ITAT Kolkata

Advertisement Bani Broto Banerjee Vs CIT (Appeals) (ITAT Kolkata) The ITAT Kolkata considered whether interest expenditure of ₹1,90,78,228 incurred on loans taken for acquiring a property could be allowed while computing long-term capital gains under Section 48 of the Income-tax Act. The Assessing Officer had disallowed the claim, and the CIT(A) upheld the disallowance on the ground that the interest should have been claimed against house property income under Section 57 and was not admissible under Section 48. The Tribunal noted that the only dispute before it concerned the allowability ...