Interest Expenditure incurred on Capital allowable as Deduction u/s 24 of Income Tax Act, not part of Cost Acquisition: ITAT [Read Order]

Interest Expenditure Incurred on Capital Allowable as Deduction u/s 24 of Income Tax Act, not part of Cost Acquisition: ITAT

By Aiswarya Krishnadas - On January 17, 2024 8:33 am - 2 mins read

Income Tax act - ITAT pune - Capital allowance and income tax - Interest Expenditure on Capital allowable - capital allowable as deduction - Income tax deductions - Income tax - Taxscan

The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Interest expenditure incurred on capital allowable as deduction under Section 24 of Income Tax Act 1961 and not part of cost acquisition. An appellant company under the Companies Act, 1956, engaged in hospitality. For the 2015-16 assessment, the company had reported…

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