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of ITAT reversed the AO's capitalisation of interest and certain project-related costs, holding that borrowed funds were actually invested in OFCDs and interest expense is deductible against the resultant interest income (or under s.57(iii) if treated as other income). Advertisement, marketing, brokerage and most legal/professional fees were held revenue in nature and allowable under s.37(1); additions on that account were deleted. A discrete disallowance of legal/professional fees was remitted to the ld. CIT(A) for fresh adjudication in light of additional evidence filed. No disallowance was warranted under s.14A r.w.r.8D(2)(ii). Addition treating unsold shops as house property was disallowed for the relevant AY, being inconsistent with law prior to s.23(5) amendment.
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