13 October 2012
Dear Sir, Is there any restriction under Section 80(IB)10 that interest income cannot be set off against interest expenses in the case of construction/Real Estate Business?Kindly revert back to me on cabhuvnesh@sify.com Thanks & Regards, CA Bhuvnesh S.VILAYATRANI Surat +09377506208
14 October 2012
iT IS A GENERAL PRICIPLE THAT INTT INCOME CANNOT BE SET OFF AG INTT EXP THIS IS NOT A FEATURE OF 80-IB(10). rEFERE TO TUTICORIN ALKALI AND BOKARO STEEL CASE BY SC CA MANOJ GUPTA JODHPUR 09828510543
14 October 2012
But Dear Sir,There are many case laws of Honorable HC/SC/ITAT that Interest Income can be set off against Interest Expenses...My question is still open that whether Section 10(IB) has some restrictions on such set off? Regards Bhuvnesh
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