Case Law Details
Case Name : Babu Chandy, Baby Marine Exports Vs Asstt. CIT (ITAT Cochin)
Appeal Number : ITA No. 591/Coch/2017
Date of Judgement/Order : 21/02/2018
Related Assessment Year :
Courts :
All ITAT ITAT Cochin
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Babu Chandy, Baby Marine Exports Vs ACIT (ITAT Cochin)
It is not discernable whether the interest paid for the acquisition of the impugned property has been claimed by the assessee under Chapter IVC of the Income Tax Act, 1961, namely ‘income from house property’. If the assessee had already claimed interest under the head income from house property, the same interest cannot be capitalized and added to the cost of acquisition of the property.
FULL TEXT OF THE ITAT JUDGMENT
This appeal at the instance of the assessee is directed against the order of the Commissioner (Appeals), Trivandrum, dated 8-9-2017. The relevant assessment year is 2008-09.
2. The grounds raised read as follows :–
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even payment for which deduction has been claimed can be added to the cost.