https://www.taxtmi.com/caselaws?id=417211 The Tribunal dismissed both appeals by the assessee. It upheld the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, emphasizing the capitalization of interest costs related to capital assets until they are put to use. Additionally, the Tribunal affirmed the treatment of unutilized MODVAT credit as income, highlighting the procedural requirement to seek rectification from the Tribunal, not the Assessing Officer or Commissioner of Income Tax (Appeals), when challenging previous decisions. en-us Tue, 14 Dec 2021 00:00:00 +0530 Tue, 18 Jan 2022 08:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417211 The Tribunal dismissed both appeals by the assessee. It upheld the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, emphasizing the capitalization of interest costs related to capital assets until they are put to use. Additionally, the Tribunal affirmed the treatment of unutilized MODVAT credit as income, highlighting the procedural requirement to seek rectification from the Tribunal, not the Assessing Officer or Commissioner of Income Tax (Appeals), when challenging previous decisions. Case-Laws Income Tax Tue, 14 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417211