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 considered view, there is substance in the view taken by the CIT(A) that now when the interest expenditure was allowed as a deduction to the assessee while computing its income under the head “I...