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Interest on housing loan includible in cost of acquisition u/s. 48 provided not claimed as deduction u/s. 24(b)
Case Law Details
- Case Name
- S.I. Media LLP Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Bangalore
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S.I. Media LLP Vs DCIT (ITAT Bangalore)
ITAT Bangalore held that interest on housing loan is allowed to be included in cost of acquisition of capital asset under section 48 of the Income Tax Act provided the same is not claimed as deduction u/s. 24(b). Accordingly, matter restored back to AO for verification.
Facts- The assessee in the present case is a partnership firm engaged in the activity of entertainment and related services. The assessee in the year under consideration has shown a loss under the head “capital gain” amounting to ₹4,84,01,053 on the sale of property. However, such l...
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