https://www.taxtmi.com/caselaws?id=414041 The Tribunal partly allowed the appeal in a case involving a Private Limited Company engaged in real estate development. It upheld the addition of Rs. 24,13,204/- as the difference in construction cost and work-in-progress. The disallowance of interest expenditures of Rs. 1,06,00,823/- and Rs. 2,61,29,653/- related to incomplete projects was also upheld but directed that these expenses should be allowed when the projects are completed. However, the disallowance under Section 14A was overturned as the Tribunal held that no disallowance is warranted if interest-free funds exceed investments. en-us Thu, 16 Sep 2021 00:00:00 +0530 Wed, 27 Oct 2021 09:20:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414041 The Tribunal partly allowed the appeal in a case involving a Private Limited Company engaged in real estate development. It upheld the addition of Rs. 24,13,204/- as the difference in construction cost and work-in-progress. The disallowance of interest expenditures of Rs. 1,06,00,823/- and Rs. 2,61,29,653/- related to incomplete projects was also upheld but directed that these expenses should be allowed when the projects are completed. However, the disallowance under Section 14A was overturned as the Tribunal held that no disallowance is warranted if interest-free funds exceed investments. Case-Laws Income Tax Thu, 16 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414041