On appeal, the Tribunal held in favour of assessee as under:
1) A perusal of sections 24(b) and 48 makes it unambiguous that none of them excludes operation of the other;
2) In other words, a deduction under section 24(b) is claimed only when concerned assessee declares income from 'house property', whereas the cost of the same asset is taken into consideration when the property is sold and capital gains are computed under section 48;
3) There can't be any doubt that the interest in question is indeed an expenditure in acquiring the asset.
Therefore, it held that since both provisions are altogether different, the claim of assessee to include the interest amount at the time of computing capital gains under section 48 couldn't be denied – ACIT v. C. RAMABRAHMAM  27 taxmann.com 104 (Chennai - Trib.)