https://www.taxtmi.com/caselaws?id=168510 The High Court ruled that interest income earned during the construction period should be set off against interest paid on borrowed funds, with the net interest to be capitalized. Miscellaneous income should also be offset against capital expenditure. The Court applied section 57(iii) of the Income-tax Act, 1961, holding that interest income should not be treated separately but set off against interest expenses. This decision was consistent across multiple cases, emphasizing a comprehensive evaluation of financial transactions during construction. en-us Wed, 18 Nov 1987 00:00:00 +0530 Tue, 10 Mar 2015 17:16:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168510 The High Court ruled that interest income earned during the construction period should be set off against interest paid on borrowed funds, with the net interest to be capitalized. Miscellaneous income should also be offset against capital expenditure. The Court applied section 57(iii) of the Income-tax Act, 1961, holding that interest income should not be treated separately but set off against interest expenses. This decision was consistent across multiple cases, emphasizing a comprehensive evaluation of financial transactions during construction. Case-Laws Income Tax Wed, 18 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168510