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2019 (3) TMI 1689 - ITAT PUNEAllowability of interest paid on borrowed funds for the purpose of acquisition of capital asset as part of acquisition - HELD THAT:- CIT(A) while deciding the issue in favour of the assessee has noted the fact that the amount was borrowed for the purpose of acquisition of property, the interest on bank loan was debited to the asset account and assessee had not claimed the deduction of interest in respect of the respective years under any head of income. We find that Ld.CIT(A) after considering the various decisions namely, CIT Vs. Mithilesh Kumari [1973 (2) TMI 11 - DELHI HIGH COURT] , ACIT Vs. K.S.Gupta [1976 (8) TMI 9 - ANDHRA PRADESH HIGH COURT] and other decisions cited in his order has decided the issue in favour of the assessee. Before us, Revenue has not pointed out any contrary binding decision in its support nor has pointed out any fallacy in the findings of Ld.CIT(A). In view of these facts, we find no reason to interfere with the order of Ld.CIT(A) and thus the grounds of the Revenue are dismissed. Set off of long term capital loss on sale of shares of listed companies against long term capital gains on sale of shares of unlisted companies - HELD THAT:- Hon’ble Calcutta High Court in the case of Royal Calcutta Turf Club [1982 (6) TMI 21 - CALCUTTA HIGH COURT] has held that long term capital loss on sale of shares would be allowed to be set off against the long term capital loss on sale of land in accordance with Sec.70(3) of the Act. We thus find that the issue in the present ground is similar to the issue before the Mumbai ITAT in the case of Raptakos Brett & Co., Ltd. [2015 (6) TMI 529 - ITAT MUMBAI] . We therefore hold that assessee is entitled to set off of the loss of long term capital gains from the shares on which security transaction is paid or payable against the long term capital gains earned from shares on which no security transaction is paid / payable. We thus hold accordingly. Thus, the ground of assessee is allowed.
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