https://www.taxtmi.com/caselaws?id=430342 The tribunal affirmed the CIT(A)'s decision to delete the disallowance of interest expenses claimed as revenue expenditure by the assessee in a real estate development project. The tribunal held that the interest expenditure was deductible under Section 36(1)(iii) of the Income Tax Act as it was related to stock in trade and borrowed funds were utilized for the project. The appeals of the revenue were dismissed, and the order confirmed the allowance of interest expenses as a deduction in the year of incurrence. en-us Wed, 21 Sep 2022 00:00:00 +0530 Wed, 16 Nov 2022 22:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430342 The tribunal affirmed the CIT(A)'s decision to delete the disallowance of interest expenses claimed as revenue expenditure by the assessee in a real estate development project. The tribunal held that the interest expenditure was deductible under Section 36(1)(iii) of the Income Tax Act as it was related to stock in trade and borrowed funds were utilized for the project. The appeals of the revenue were dismissed, and the order confirmed the allowance of interest expenses as a deduction in the year of incurrence. Case-Laws Income Tax Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430342