https://www.taxtmi.com/caselaws?id=446940 The ITAT Pune allowed the assessee's appeal regarding netting of interest income against interest expenditure. The tribunal established a direct nexus between interest earned from investments in sister concern and interest paid on borrowed funds. Applying the real income concept and following the Delhi HC precedent in Triumph Reality Pvt. Ltd., the tribunal ruled that only net interest should be capitalized rather than gross interest income being taxed separately. The AO was directed to delete the addition made to the assessee's income. en-us Wed, 04 Oct 2023 00:00:00 +0530 Thu, 14 Dec 2023 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446940 The ITAT Pune allowed the assessee's appeal regarding netting of interest income against interest expenditure. The tribunal established a direct nexus between interest earned from investments in sister concern and interest paid on borrowed funds. Applying the real income concept and following the Delhi HC precedent in Triumph Reality Pvt. Ltd., the tribunal ruled that only net interest should be capitalized rather than gross interest income being taxed separately. The AO was directed to delete the addition made to the assessee's income. Case-Laws Income Tax Wed, 04 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446940