| COURT: | ITAT Mumbai, Mumbai Tribunal |
| CORAM: | Amit Shukla (JM), G. S. Pannu (AM) |
| SECTION(S): | 45, 48 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | borrowed capital, capital gains, cost of acquisition |
| COUNSEL: | N. V. Nadkarni |
| DATE: | May 8, 2015 (Date of pronouncement) |
| DATE: | April 10, 2016 (Date of publication) |
| AY: | 2005-06 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 48: Interest on borrowed money utilized for acquiring shares can be capitalized as cost of acquisition | |
Interest payable on moneys borrowed for acquisition of shares should be added to the cost of acquisition of shares for the purpose of computing capital gains (Macintosh Finance Estates Ltd vs. ACIT (2007) 12 S0T 324 (Mum) (Trib) not followed, CIT vs. Trishul Investments Ltd (2008) 305 ITR 434 (Mad) (HC) followed)
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