Interest Paid on Borrowings to Acquire Property deductible from Sale Consideration: ITAT directs to Re-Compute Capital Gain [Read Order]

The AO was directed to re-compute the income of the assessee, allowing the impugned interest expenditure
By Ashkar Tovarishch - On July 12, 2024 3:28 pm - 2 mins read
Income Tax Appellate Tribunal ITAT - ITAT chennai - Capital Gain - Long-Term Capital Gains - taxscan

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed that interest paid on borrowings to acquire property should be deductible from the sale consideration, ordering the re-computation of capital gains. The ITAT allowed the appeal concerning the addition of Long-Term Capital Gains (LTCG) for the assessment year 2006-07. The case…

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