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2009 (12) TMI 369 - HC - Income TaxCapital Gain- The assessee borrowed loans from some of its directors and purchase an immovable property to construct the hotel but it was not construct. Now the assessee sold it and claim deduction of interest paid to the directors. Assessing Officer disallow it. Tribunal 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.
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