Disallowance of interest on capital as attributable to capital work-in-progress relying on the proviso to Section 36(1)(iii)

Last updated: 27 November 2021

Court :
Karnataka High Court

Brief :
Appeal filed under Revenue 260A of Income Tax Act 1961.

Citation :
ITA130/2021

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF OCTOBER, 2021 PRESENT THE HON'BLE MRS.JUSTICE S.SUJATHA AND THE HON'BLE MR. JUSTICE E.S.INDIRESH I.T.A.No.130/2021
BETWEEN :
1 . THE COMMISSIONER OF INCOME TAX EXEMPTIONS, 6TH FLOOR, UNITY BUILDING ANNEXE, MISSION ROAD, BENGALURU-560 027.
2 . THE ASST. COMMISSIONER OF INCOME-TAX EXEMPTIONS, CIRCLE-1, PRESENT ADDRESS DCIT, CIRCEL-1, EXEMPTION, 6TH FLOOR, UNITY BUILDING ANNEXE, MISSION ROAD, BENGALURU-560 027

APPELLANTS
(BY SRI E.I.SANMATHI, ADV. FOR SRI K.V.ARAVIND, ADV.)
AND :
M/s KARNATAKA INDUSTRIAL AREA DEVELOPMENT BOARD 143, R.P.BUILDING, 2N0 FLOOR, NRUPATHUNGA ROAD, BENGALURU-560 001, PAN: AAATK1350J
(BY SRI SHARATH S., ADV.)
RESPONDENT