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If any amount was taxed either u/s 56(2)(vii) or u/s 56(2)(viia) , cost of acquisition will accordingly /consequentially be adjusted as per the express provisions of section49(4) of the I.T.Act, 1961. That is the reason why no further amendment was considered necessary.

Attention is invited to a speaking order of ITAT, Calcultta (Third Member decision) in the case of A.B.N.Amro Bank N.V. Versus Jt.CIT (97 ITD 1) wherein all the arguments and counter arguments were considered and a well reasoned conclusion was arrived at to the effect that interest under section 201(1A) was not an allowable deduction u/s 37(1) of the I.T.Act, 1961 while computing business income under the provisions of Income-tax Act, 1961.

Please go through the judgment of ITAT, Rajikot bench  wherein the ratio of  Merilyn Shipping  was not considered.
Income-tax Officer – Ward 1(4)
v.
Bhoomi Construction
IT APPEAL NO. 601 (RJT.) OF 2012
[ASSESSMENT YEAR 2006-07]
Date of Pronouncement: 08.02.2013