Interest paid for shares acquisition would partake character of shares cost

Assessee is an individual who filed his return of income for assessment year 2005-06 declaring a total income of Rs. 1,19,63,100/- which, inter-alia included a Long Term Capital Loss on shares sold during the year under consideration. The Assessing Officer differed with the assessee on the computation of capital gains on sale of shares which were acquired by the assessee in the past. The Assessing Officer noted that the interest cost incurred by the assessee for acquisition of shares in the past was treated as part of the cost of such shares and the sam

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