https://www.taxtmi.com/caselaws?id=767232 ITAT Chandigarh dismissed revenue's appeal on three grounds. Regarding interest disallowance u/s 36, tribunal upheld CIT(A)'s finding that interest on installments accruing during financial year but due in subsequent year constituted actual ascertained liability under mercantile accounting, allowing deduction. On s.14A disallowance, tribunal deleted addition as assessee earned no exempt income during relevant year. For interest capitalization u/s 36(i)(iii), tribunal confirmed CIT(A)'s decision accepting assessee's scientific calculation method and accounting policy, rejecting AO's arbitrary allocation basis. en-us Fri, 28 Feb 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:07:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767232 ITAT Chandigarh dismissed revenue's appeal on three grounds. Regarding interest disallowance u/s 36, tribunal upheld CIT(A)'s finding that interest on installments accruing during financial year but due in subsequent year constituted actual ascertained liability under mercantile accounting, allowing deduction. On s.14A disallowance, tribunal deleted addition as assessee earned no exempt income during relevant year. For interest capitalization u/s 36(i)(iii), tribunal confirmed CIT(A)'s decision accepting assessee's scientific calculation method and accounting policy, rejecting AO's arbitrary allocation basis. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767232