TMI BlogDisallowance of interest relating to Capital Work in Progress (CWIP) - The Appellant has furnished the...Disallowance of interest relating to Capital Work in Progress (CWIP) - The Appellant has furnished the relevant working capital facility agreements and ledger account to show that the unsecured loans were for working capital, and the interest paid thereon is also clearly reflected in the financial statements in Schedule 18 - “Interest – On working capital loans”. In our view, in absence of any information/circumstances to suggest, in some form or manner, any diversion of working capital loans fo..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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