https://www.taxtmi.com/caselaws?id=413634 The Tribunal upheld the appeal filed by the assessee and dismissed the Revenue's appeal. It found that the interest expenditure for the MRC Nagar project should not be capitalized as the project was actively under development and part of the assessee's regular business activities. The Tribunal concluded that the term "put to use" applied to capital assets, not inventory, and allowed the interest expenditure as a deduction under Section 36(1)(iii) of the Income Tax Act. en-us Tue, 05 Oct 2021 00:00:00 +0530 Tue, 22 Feb 2022 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413634 The Tribunal upheld the appeal filed by the assessee and dismissed the Revenue's appeal. It found that the interest expenditure for the MRC Nagar project should not be capitalized as the project was actively under development and part of the assessee's regular business activities. The Tribunal concluded that the term "put to use" applied to capital assets, not inventory, and allowed the interest expenditure as a deduction under Section 36(1)(iii) of the Income Tax Act. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413634