Case Law Details
ITO Vs Smt. R. Aishwarya (ITAT Chennai)
Assessee is entitled to include interest in the capital cost while computing capital gains U/s 48 of the Act. Judicial discipline requires us to follow the order of a co‑ordinate bench.
FULL TEXT OF THE ITAT JUDGEMENT
Revenue in this appeal is aggrieved on the direction of the ld. Commissioner of Income Tax (Appeals) to allow credit of Rs. 63,98,540/- as a part of cost of acquisition/improvement for calculating capital gains.
2. Facts apropos are that assessee had filed a return of income disclosing an income of =3,78,769/-. Assessee had sold a property on 04.03.2011 for a sum of Rs. 3,20,00,000/-. The said property was purchased on 01.02.2006. Assessee computed long term capital gain arising from the above transaction as under:-
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