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2017 (1) TMI 1714 - ITAT CHENNAICalculation of capital gain - credit as a part of cost of acquisition/improvement for calculating capital gains - HELD THAT:- Regarding the issue of capital gains, it transpires that there is hardly any dispute that the assessee had availed the loan for purchasing the property in question. Since the assessee had shown the income under the head ‘house property’, he preferred to raise the claim of deduction u/s 24(b) which reads as under: “(b) where 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. 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.
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