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2018 (3) TMI 67 - AT - Income TaxComputation of total income - whether the order of the AO reducing the amount of brokerage and interest on loan from the WIP is correct or not? - AO was of the opinion that since the interest in question on housing loan, had already been claimed as deduction u/s 24(b), the same could not be taken into consideration for computation u/s 48 - Held that:- Both AS 10 and Ind AS 16 define elements of cost in an identical manner and contain several examples of costs that are includible or excludible in the determination of cost of assets. Having examined the relevant documents, we find that the claim of the appellant that the AO should not have reduced brokerage and interest on loan from WIP has not been examined either by the AO or the Ld. CIT(A) on the basis of parameters as narrated at para 7.3,7.4&7.5. In view of the above facts, we set aside the order of the Ld. CIT(A) and restore the matter to the file of the AO to make a de novo order in the light of our observation at para 7.3,7.4 &7.5 hereinbefore after giving reasonable opportunity of being heard to the appellant. We direct the appellant to file the relevant accounts/documents before the AO.
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