https://www.taxtmi.com/caselaws?id=217064 The ITAT upheld the CIT(A)'s decision to allow the deduction under Section 80IB for semi-finished flats, noting the liberal interpretation of tax incentive provisions. It confirmed that the assessee maintained separate accounts for the eligible project, meeting the requirements of Section 80IA(7). However, the ITAT agreed with the AO and CIT(A) in dismissing the assessee's appeal on the disallowance of interest expenditure under Section 36(1)(iii), as the funds were not proven to be used for business purposes. en-us Thu, 12 Jul 2012 00:00:00 +0530 Tue, 02 Oct 2012 05:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217064 The ITAT upheld the CIT(A)'s decision to allow the deduction under Section 80IB for semi-finished flats, noting the liberal interpretation of tax incentive provisions. It confirmed that the assessee maintained separate accounts for the eligible project, meeting the requirements of Section 80IA(7). However, the ITAT agreed with the AO and CIT(A) in dismissing the assessee's appeal on the disallowance of interest expenditure under Section 36(1)(iii), as the funds were not proven to be used for business purposes. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217064