Interest Expenses Non-Deductible for Capital Work Loans u/s 36(1)(iii); Must Be Capitalized Instead.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of interest expenses u/s. 36(1)(iii) - disallowance of financial cost attributable to capital work in progress and project work in progress - In case, the assessee has taken any loan for specific purpose of acquisition of asset or execution of project, then interest attributable to said purpose needs to be capitalized to work in progress account - AT....