Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 1206 - AT - Income TaxIncome from other sources - netting method - assessee had earned interest on fixed deposits with IDBI Bank and assessee had set off the same against the interest expenditure incurred for construction etc. and the net amount was capitalized - as argued interest by the assessee was earned during the course of its business and as such the same has been correctly been capitalized after netting off - HELD THAT:- As in assessee’s own case for assessment years 2012-2013 and 2013-2014 [2021 (2) TMI 1328 - ITAT HYDERABAD]Tribunal in the above case, by following the judgment of ACG Associates Capsules Pvt. Ltd. v. CIT [2012 (2) TMI 101 - SUPREME COURT] had directed the A.O. to adopt the netting method. Thus we direct the A.O. to allow the netting off of interest.
|