https://www.taxtmi.com/caselaws?id=275781 The Tribunal partly allowed the appeal, remitting certain issues back to the AO for further examination. The disallowed business expenses were partly allowed as revenue expenditure, while the rest were directed to be capitalized. The interest expenses disallowed by the AO were to be verified for their nexus with project utilization. The direction for disallowance of interest cost exceeding 12% of borrowed funds was set aside for detailed examination. The request for capitalization of interest expenses in 'Work in Progress' was also remitted for further assessment to determine the correct tax liability. en-us Fri, 10 Mar 2017 00:00:00 +0530 Wed, 17 Oct 2018 07:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275781 The Tribunal partly allowed the appeal, remitting certain issues back to the AO for further examination. The disallowed business expenses were partly allowed as revenue expenditure, while the rest were directed to be capitalized. The interest expenses disallowed by the AO were to be verified for their nexus with project utilization. The direction for disallowance of interest cost exceeding 12% of borrowed funds was set aside for detailed examination. The request for capitalization of interest expenses in 'Work in Progress' was also remitted for further assessment to determine the correct tax liability. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275781