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TMI Blog2009 (12) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal allow it. Held that- that sine the property had been purchased but of the loans borrowed from the directors any interest paid thereon was to be included while calculating the cost of acquisition of assets. - 58 of 2009 - - - Dated:- 1-12-2009 - MANJUNATH K. L., ARAVIND KUMAR JJ. K.V. Arvind for M.V. Seshachala for the appellant. JUDGMENT The judgment of the court was deliver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the due vide letter dated January 25, 2006, after the sale of property dated January 23, 2003, indicating only a book entry and actual interest having been not paid prior to the sale could not be added as of cost of acquisition and consequently recorded a perverse finding ?" 2. The facts of this case are as hereunder : 3. The respondent-assessee is a company. By borrowing loan from some of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered the case of the assessee held that out of the borrowed loan from the directors, the property has been acquired and any interest paid thereon would also to be accounted towards the cost of acquisition of the asset. Accordingly the relief has been given to the assessee. Challenging the legality and correctness of the same, the present appeal is filed. 5. We have heard the learned counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property has been purchased out of the loan borrowed from the directors and any interest paid thereon is to be included while calculating the cost of acquisition of the asset. Therefore, question No. 1 has to be answered against the Revenue. 7. So far as question No. 2 is concerned, the same also does not arise for consideration for the following reasons. 8. According to the Revenue, the inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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