Interest incurred for acquisition of clear title of property allowable as cost of acquisition

DCIT Vs Simplex Realty Limited (ITAT Mumbai) ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the property is allowable as cost of acquisition. Facts- The assessee is a widely held public limited company that earlier owned a textile mill land which was converted into a residential house and the assessee entered into the real estate business. The assessee entered into an agreement with Godrej Properties Limited (GPL) for the development of a residential project in which there was an arrangement to share the surplus from the project at an agreed percentage. ...