Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 545 - ITAT AHMEDABADDisallowance u/s 36(1)(iii) interest in respect of capital work in progress - own interest free funds available with the assessee - HELD THAT:- As decided in assessee's own case in AY 2012-13 [2019 (4) TMI 258 - ITAT AHMEDABAD] considering interest free funds available with the assessee in the shape of share capital, reserves and surplus, as well as net revenue from operations, we are of the view that alleged investment in WIP could be assumed as carried from these surplus funds. No notional interest ought to be calculated for capitalization. See case of CIT Vs. Reliance Utilities & Power Ltd [2009 (1) TMI 4 - BOMBAY HIGH COURT] - Decided in favour of assessee.
|