https://www.taxtmi.com/caselaws?id=757314 Late payment surcharge on overdue electricity dues is not taxable on accrual where collection remains uncertain and the real income test is not satisfied; the corresponding MAT adjustment also falls away. Interest disallowance on additions to fixed assets and capital work in progress requires a verified nexus between borrowed funds and the capital outlay, and own funds may support a presumption against disallowance. Unwinding interest on vendor liabilities, being a notional IND-AS 109 item already neutralised in computation, should not distort eligible profit under section 80IA. Foreign exchange loss on liabilities for the Bawana project is not capital under section 43A where no foreign asset was acquired by the assessee. Depreciation adjustments under normal provisions and MAT require factual verification of the applicable rate and period of use. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757314 Late payment surcharge on overdue electricity dues is not taxable on accrual where collection remains uncertain and the real income test is not satisfied; the corresponding MAT adjustment also falls away. Interest disallowance on additions to fixed assets and capital work in progress requires a verified nexus between borrowed funds and the capital outlay, and own funds may support a presumption against disallowance. Unwinding interest on vendor liabilities, being a notional IND-AS 109 item already neutralised in computation, should not distort eligible profit under section 80IA. Foreign exchange loss on liabilities for the Bawana project is not capital under section 43A where no foreign asset was acquired by the assessee. Depreciation adjustments under normal provisions and MAT require factual verification of the applicable rate and period of use. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757314