https://www.taxtmi.com/caselaws?id=121698 The ITAT upheld the CIT(A)'s decision to allow depreciation on capitalized interest, as the interest was treated as capital in nature and added to the cost of assets. Additionally, the ITAT agreed with the CIT(A) that head office expenditure was allowable without applying section 44C, as it was incurred by an affiliate and covered under a Production Sharing Contract with the Government of India. Therefore, the appeal was dismissed, affirming the CIT(A)'s decisions on both issues. en-us Thu, 18 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 15:26:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121698 The ITAT upheld the CIT(A)'s decision to allow depreciation on capitalized interest, as the interest was treated as capital in nature and added to the cost of assets. Additionally, the ITAT agreed with the CIT(A) that head office expenditure was allowable without applying section 44C, as it was incurred by an affiliate and covered under a Production Sharing Contract with the Government of India. Therefore, the appeal was dismissed, affirming the CIT(A)'s decisions on both issues. Case-Laws Income Tax Thu, 18 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121698