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2022 (4) TMI 962 - AT - Income TaxDisallowance of deduction of interest under section 36(1)(iii) - HELD THAT:- In the present case, the assessee has followed percentage of completion method for the purposes of recognising the revenue from its project. We find that in similar facts and circumstances, the Co-ordinate Bench of Tribunal in M/S. NATIONAL STANDARD PVT. LTD. [2021 (4) TMI 1308 - ITAT MUMBAI] dismissed the appeal filed by the Revenue and allowed the claim of deduction under section 36(1)(iii). Similarly, in DCIT v/s Palava Dwellers Pvt. Ltd.[2020 (4) TMI 842 - ITAT MUMBAI], following the decision of Hon’ble Jurisdictional High Court in Lokhandwala Construction [2003 (1) TMI 93 - BOMBAY HIGH COURT] another Co-ordinate Bench of Tribunal dismissed the appeal filed by the Revenue and allowed the claim of deduction under section 36(1)(iii) - Appeal of assessee allowed.
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