https://www.taxtmi.com/caselaws?id=394120 The Tribunal allowed the appeal filed by the assessee, overturning the decisions of the AO and CIT(A) regarding the disallowance of interest expenses under Section 36(1)(iii) of the Income-tax Act, 1961. The Tribunal held that the interest expenses were correctly claimed as deductions as they were related to the revenue field, even though the projects were ongoing and meant for sale/renting purposes. The Tribunal emphasized that even if the interest expenses were capitalized to the inventory, they would be allowed as expenses in subsequent years when revenue is recognized from such inventory. en-us Wed, 04 Mar 2020 00:00:00 +0530 Wed, 01 Apr 2020 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394120 The Tribunal allowed the appeal filed by the assessee, overturning the decisions of the AO and CIT(A) regarding the disallowance of interest expenses under Section 36(1)(iii) of the Income-tax Act, 1961. The Tribunal held that the interest expenses were correctly claimed as deductions as they were related to the revenue field, even though the projects were ongoing and meant for sale/renting purposes. The Tribunal emphasized that even if the interest expenses were capitalized to the inventory, they would be allowed as expenses in subsequent years when revenue is recognized from such inventory. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394120