https://www.taxtmi.com/caselaws?id=342991 Interest disallowance under section 36(1)(iii) was deleted because the record did not show diversion of borrowed funds to capital work-in-progress or other non-business use, and the Revenue failed to discharge that burden. Excess depreciation addition was also deleted as the year's computation was only consequential to the accepted position in the immediately preceding year. For transfer pricing, foreign exchange gain or loss linked to business transactions was treated as operating, while windmill income and the related expenditure were held to be non-operating because that activity was separate from the tested international transactions. The Revenue's appeal failed, with only consequential relief granted to the assessee. en-us Fri, 12 May 2017 00:00:00 +0530 Wed, 17 May 2017 07:18:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342991 Interest disallowance under section 36(1)(iii) was deleted because the record did not show diversion of borrowed funds to capital work-in-progress or other non-business use, and the Revenue failed to discharge that burden. Excess depreciation addition was also deleted as the year's computation was only consequential to the accepted position in the immediately preceding year. For transfer pricing, foreign exchange gain or loss linked to business transactions was treated as operating, while windmill income and the related expenditure were held to be non-operating because that activity was separate from the tested international transactions. The Revenue's appeal failed, with only consequential relief granted to the assessee. Case-Laws Income Tax Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342991