https://www.taxtmi.com/caselaws?id=215803 The Tribunal ruled in favor of the assessee on all three issues, overturning the decisions of the lower authorities. The disallowance of interest attributed towards Capital Work In Progress (CWIP) was rejected as the assessee had sufficient own funds to explain the capital addition. Depreciation on the Uninterruptible Power Supply (UPS) was allowed at 60% based on a High Court judgment. The interest income was considered as business income arising from fixed deposits related to business activities, following a similar precedent. en-us Fri, 29 Jun 2012 00:00:00 +0530 Sat, 18 Aug 2012 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215803 The Tribunal ruled in favor of the assessee on all three issues, overturning the decisions of the lower authorities. The disallowance of interest attributed towards Capital Work In Progress (CWIP) was rejected as the assessee had sufficient own funds to explain the capital addition. Depreciation on the Uninterruptible Power Supply (UPS) was allowed at 60% based on a High Court judgment. The interest income was considered as business income arising from fixed deposits related to business activities, following a similar precedent. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215803