ITAT Allows Interest on Borrowed Funds in Capital Gains Calculation

DiyyaKrishnasayee Vs DCIT (ITAT Chennai) The case of DiyyaKrishnasayee Vs DCIT before the Income Tax Appellate Tribunal (ITAT) Chennai revolves around the assessment of long-term capital gains (LTCG) and the inclusion of interest expenditure in the cost of acquisition. This case is significant as it delves into the intricacies of tax assessments under Section 153A read with Section 143(3) of the Income Tax Act, 1961, particularly in scenarios involving deceased taxpayers represented by legal heirs. The appeal pertains to the Assessment Year (AY) 2006-07, originating from the order of the Commi...