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2022 (12) TMI 249 - ITAT MUMBAIDisallowance of Interest expenses u/s 36(1)(iii) - HELD THAT:- We direct the AO to work out the figure of interest disallowance considering the figure being assessee’s own fund. For this we relied on the decision of Hon’ble jurisdictional High Court in the case of Reliance Utility and Power Ltd. [2009 (1) TMI 4 - BOMBAY HIGH COURT] - We further direct the AO to delete the addition of interest expenses u/s 36(1)(iii) after considering assessee’s own funds as mentioned above. As directed in clear terms no addition to income on this ground can be made, the only effect of this working to be done by AO will be on the amount of Interest capitalised by the assessee and carried to Balance-Sheet. Appeal filed by the assessee is partly allowed.
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