Interesting Judgment: Interest paid for acquisition of capital assets is a part of cost of acquisition. To exclude the interest amount from the actual cost of the asset would lead to anomalous results.
Charitable Trust: New Challenges & Compliances from the financial Year 2020-21 onward: CA Naresh Jakhotia
Since ‘actual cost’ has not been defined in the Income Tax Act- it should be construed in accordance with the normal rules of accountancy prevailing in commerce and industry which means that cost would include Interest also.
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
