Interest on Borrowed Funds Deductible U/s. 48 Before FA 2023 Amendment: ITAT Mumbai

DCIT Vs Neville Tuli (ITAT Mumbai) Interest on Borrowed Funds Deductible Under Section 48 Before Finance Act 2023 Amendment: ITAT Mumbai The ITAT Mumbai considered the Revenue’s appeal challenging the order of the CIT(A), which had allowed the assessee to include indexed interest paid on borrowed funds as part of the cost of acquisition while computing long-term capital gains. The assessee had purchased the property using borrowed funds, claimed limited deduction under Section 24(b) in earlier years, and claimed the balance interest as indexed cost of acquisition/improvement under Sectio...