Interest allowed U/s. 24(b) cannot be allowed as part of cost of acquisition

Shree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai)

Admittedly, the assessee while computing its income in the previous years under the head ‘Income from House Property‘ had claimed deduction u/s 24(b) of the interest paid on loan raised from ‘Janalaxmi Co-op Bank Ltd’, which funds are stated to have been utilized in construction of the property in question. In our co

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