Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 953 - HC - Income TaxCapitalize the interest expenditure incurred towards 'Lucky Shoppe' acquired as stock in trade - Held that:- It is an undisputed position that the appellant-assessee has filed return of income declaring income under the head income from business. The appellant has various projects executing construction projects and, therefore, interest expenditure is to be allowed as deduction to arrive at profits and gains of business or profession of builders carried out by the Appellants. It is not a case where the only project of the appellant was the Lucky Shoppe project Admittedly, in this case the business of the Appellant as developer had already commenced and income offered to tax. We find no merit in the Revenue's objection that these are issues of fact, which this Court should not go into as the finding of fact, by the Tribunal is final. We have decided this issue on a question of law viz. applicability of Section 36(1)(iii) of the Act. - decided in favour of the appellant-assessee and against the respondent-revenue.
|