Tribunal held that where the assessee which is in the business of construction , Interest paid on borrowings as component of work in progress was capitalised and also claimed as deduction for same interest under the head income from house property . Matter was remanded to the AO to consider AS 10 and AS 16 and decide according to law .( AY.2010-11)
HGP Community (P) Ltd v. ITO ( 2018) 170 ITD 18 ( Mum)(Trib)
S.145:Method of accounting – Work-in-progress- Construction and development of properties -Interest paid on borrowings as component of work in progress was capitalised and also claimed as deduction for same interest under the head income from house property . Matter was remanded to the AO to consider AS 10 and AS 16 and decide according to law [ S.22 ]