https://www.taxtmi.com/caselaws?id=448096 ITAT Chennai allowed assessee's appeal on multiple grounds. Interest and exchange fluctuation losses on abandoned projects were held allowable as revenue expenditure following abandonment for commercial expediency, citing Madras HC precedents. DG set write-off was partly allowed as depreciation on block of assets under Sec. 32(1)(iii). Interest disallowances under Sec. 36(1)(iii) on sister concern advances and inter-corporate deposits were deleted, applying mixed funds doctrine where own funds sufficed for investments. Net interest computation was upheld over gross interest following SC precedent in ACG Associated Capsules. Interest relief verification was remanded to AO for proper documentation. en-us Tue, 09 Jan 2024 00:00:00 +0530 Wed, 10 Jan 2024 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448096 ITAT Chennai allowed assessee's appeal on multiple grounds. Interest and exchange fluctuation losses on abandoned projects were held allowable as revenue expenditure following abandonment for commercial expediency, citing Madras HC precedents. DG set write-off was partly allowed as depreciation on block of assets under Sec. 32(1)(iii). Interest disallowances under Sec. 36(1)(iii) on sister concern advances and inter-corporate deposits were deleted, applying mixed funds doctrine where own funds sufficed for investments. Net interest computation was upheld over gross interest following SC precedent in ACG Associated Capsules. Interest relief verification was remanded to AO for proper documentation. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448096