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TMI Blog2017 (1) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... is no quarrel that since the assessee s claim of deduction was under the statutory provisions; therefore, he succeeded in getting the same. After the property was sold, he also chose to include the interest amount while computing capital gains u/s 48. Assessee is entitled to include interest in the capital cost while computing capital gains u/s. 48. Judicial discipline requires us to follow the order of a coordinate Bench unless it could be demonstrated that the view taken was contrary to a provision of law. CIT (Appeals) in the case before us had followed the decision of Coordinate Bench. We cannot therefore interfere with the order of the ld. CIT (Appeals). Appeal of the Revenue stands dismissed. - I.T.A. No. 1120/Mds/2016 - - - Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f acquisition: ₹ 2,52,24,191/- Interest on housing loan: ₹ 63,98,540/- --------------------- Long term capital gain: ₹ 3,77,269/- ---------------------- Ld. Assessing Officer was of the opinion that interest of ₹ 63,98,540/- on the housing loan paid by the assessee, for the period starting from the date of purchase and ending on the date of sale of property could not be allowed as cost of acquisition/improvement. As per ld. Assessing Officer inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... she had not claimed the interest as deduction, in the years when the asset was held by her. As such, it was pleaded that the possibility of any double deduction on this score did not arise at all. I find force in the above submissions of the appellant and the case law relied upon by. It is rightly held that the deduction u/s 24(b) and computation of capital gains under section 48 are covered by different heads of income, i.e., income from House Property and Capital Gains. Both of the provisions do not exclude the other. Deduction u/s 24(b) is claimed when concerned assessee declares income from House Property, whereas, the cost of the same asset is taken into consideration when it is sold and capital gains are computed under section 48. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: There is no quarrel that since the assessee s claim of deduction was under the statutory provisions; therefore, he succeeded in getting the same. However, after the property was sold, he also chose to include the interest amount while computing capital gains under section 48 of the Act , which reads as under: 48. The income chargeable under the head Capital gains shall be computed, by deducting from the full value of the consideration43 received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (i) expenditure incurred wholly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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