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Indexed cost of interest paid for acquisition of property not allowable
Case Law Details
- Case Name
- Waterfront Housing & Hospitality Pvt. Ltd. Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
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Housing & Hospitality Pvt. Ltd. Vs ITO (ITAT Pune)
Interest on loans borrowed for acquisition of flats which is allowable u/s 24 cannot be capitalized: ITAT Pune
Introduction: In a recent case, Housing & Hospitality Pvt. Ltd. contested an appeal against the order of the National Faceless Appeal Centre, Delhi, dated 21.08.2023, pertaining to the assessment year 2015-16. The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the asses...
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