https://www.taxtmi.com/caselaws?id=391340 The Tribunal partly allowed the appeal, granting relief on the disallowance of interest expenses under section 36(1)(iii) and the addition to book profits under section 115JB. The Tribunal held that the interest expense was deductible as a revenue expense due to the negligible value of the machinery compared to the total plant and machinery value. Additionally, it directed an ad-hoc disallowance under section 115JB to ensure it does not exceed the disallowance under section 14A. The Tribunal also directed the AO to verify the interest on income tax refund to prevent double taxation. en-us Mon, 20 Jan 2020 00:00:00 +0530 Sat, 25 Jan 2020 16:56:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391340 The Tribunal partly allowed the appeal, granting relief on the disallowance of interest expenses under section 36(1)(iii) and the addition to book profits under section 115JB. The Tribunal held that the interest expense was deductible as a revenue expense due to the negligible value of the machinery compared to the total plant and machinery value. Additionally, it directed an ad-hoc disallowance under section 115JB to ensure it does not exceed the disallowance under section 14A. The Tribunal also directed the AO to verify the interest on income tax refund to prevent double taxation. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391340