Interest not claimed against against income from house property can be included in Cost of Acquisition

Advertisement 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 (Appe...