Does proviso to section 36(1)(iii) apply on construction contract i.e. interest paid on capital borrowed for acquisition of an asset is not allowable as deduction if the same relates to a period beginning from the date of borrowing till the date on which such asset is first put to use.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing from the date of borrowing till the date on which such asset is first put to use.<br>ICDS III : Construction Contracts Income computation and disclosure standards<br>Income Tax<br>Manuals<br>Dated....