https://www.taxtmi.com/caselaws?id=310999 Interest on borrowed funds used for business was held not to be disallowable merely because partners had interest-free withdrawals, where no sufficient nexus was shown between the borrowings and the withdrawals. Deduction under section 80IB(10) was treated as available to a developer that actually undertakes the development and construction of a housing project, even if it is not the landowner. The estimated disallowance relating to part of the project was also rejected because the books were not rejected and no defects were pointed out in the audited accounts. The commentary states that the Revenue's challenge failed on both issues and the relief granted by the first appellate authority was sustained. en-us Fri, 25 Mar 2011 00:00:00 +0530 Fri, 01 Dec 2023 13:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310999 Interest on borrowed funds used for business was held not to be disallowable merely because partners had interest-free withdrawals, where no sufficient nexus was shown between the borrowings and the withdrawals. Deduction under section 80IB(10) was treated as available to a developer that actually undertakes the development and construction of a housing project, even if it is not the landowner. The estimated disallowance relating to part of the project was also rejected because the books were not rejected and no defects were pointed out in the audited accounts. The commentary states that the Revenue's challenge failed on both issues and the relief granted by the first appellate authority was sustained. Case-Laws Income Tax Fri, 25 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310999