Indexed cost of interest paid for acquisition of property not allowable

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 assessee. Grounds of A...