Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 23 - HC - Income TaxShort term capital computation - Disallowance of cost of acquisition - tribunal denying the capitalization of the interest on borrowed funds - purchase consideration and utilization of borrowed funds - HELD THAT:- Tribunal has agreed with the findings recorded by the Assessing Officer and has held that the Assessing Officer has rightly not granted the benefit of ₹ 50,00,000/- to the assessee towards cost of acquisition. It has further been held that there is no direct nexus between the loans advanced to the assessee by Dr.Manjunath and investment made by the assessee in the property in the same year and the money has been repaid to Dr.Y.S.Manjunath prior to sale of the property. The tribunal has therefore held that the amount of ₹ 7,00,000/- cannot be included in the cost of acquisition. The findings recorded by the tribunal are based on meticulous appreciation of evidence on record which by no stretch of imagination can be said to be perverse. Even otherwise, the matter stands concluded against the assessee by findings of fact, which are based on meticulous appreciation of evidence on record. The findings of fact do not suffer from any perversity warranting interference of this court in exercise of powers under Section 260A
|