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1 - 10 of 19 (0.31 seconds)Sudhir S. Mehta, Mumbai vs Dcit Cc 23, Mumbai on 18 November, 2016
7. Vide additional ground, the assessee has challenged the action of AO in
not granting capitalization of interest expenses attributable to share and
securities which is not allowable u/s 57 (ii & iii) of the Act. The Ld. counsel for
the assessee submitted that the ITAT Mumbai has decided the identical issue
in the case of Sudhir Mehta vs. DCIT (supra) and the Tribunal has granted
capitalization of interest expenses disallowed in the hands of the assessee and
18
ITA Nos. 937 & 938 /MUM/2017
Assessment Years: 2003-2004 and 2011-12
directed the Assessing Officer to add the same to the cost of shares and
securities.