https://www.taxtmi.com/caselaws?id=264685 The tribunal remitted the issue back to the assessing officer for proper verification, directing not to disallow interest on a notional basis. It emphasized that interest should be disallowed on a pro-rata basis and instructed the AO to verify the interest capitalized by the appellant. The tribunal highlighted discrepancies in the application of the interest rate on capital work in progress and allowed the appellant's claim for statistical purposes. The appeal was allowed for statistical purposes, stressing the importance of accurate verification and calculation of interest on capital work in progress. en-us Wed, 02 Sep 2015 00:00:00 +0530 Wed, 30 Sep 2015 06:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264685 The tribunal remitted the issue back to the assessing officer for proper verification, directing not to disallow interest on a notional basis. It emphasized that interest should be disallowed on a pro-rata basis and instructed the AO to verify the interest capitalized by the appellant. The tribunal highlighted discrepancies in the application of the interest rate on capital work in progress and allowed the appellant's claim for statistical purposes. The appeal was allowed for statistical purposes, stressing the importance of accurate verification and calculation of interest on capital work in progress. Case-Laws Income Tax Wed, 02 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264685