{"id":35803,"date":"2023-08-27T18:22:40","date_gmt":"2023-08-27T12:52:40","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-milroc-good-earth-property-development-llp-2022-217-ttj-52-uo-142-taxmann-com-149-panajitrib\/"},"modified":"2023-08-27T18:22:40","modified_gmt":"2023-08-27T12:52:40","slug":"acit-v-milroc-good-earth-property-development-llp-2022-217-ttj-52-uo-142-taxmann-com-149-panajitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-milroc-good-earth-property-development-llp-2022-217-ttj-52-uo-142-taxmann-com-149-panajitrib\/","title":{"rendered":"ACIT v. Milroc Good Earth Property &#038; Development LLP (2022) 217 TTJ 52 (UO)\/ 142 taxmann.com 149 (Panaji)(Trib)"},"content":{"rendered":"<p>The assessee, real estate developer, claimed deduction of interest paid on overdraft (OD) account with bank. Assessing Officer disallowed said claim of assessee and included entire amount of interest expenditure in closing stock of work-in-progress (WIP).\u00a0 Commissioner (Appeals)\u00a0 deleted the addition following the order of the earlier year.\u00a0 Order of CIT(A) is affirmed. Held that since assessee had recovered entire amount of interest that was charged by bank on amount which was advanced by it to its sister concern, claim for deduction of interest expenditure stood nullified in backdrop of corresponding interest income that was received from sister concern.\u00a0 (AY.\u00a0 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) : Interest on borrowed capital-Real estate developer-Interest paid on overdraft-Closing stock and working progress-Disallowance was deleted-Loan to subsidiaries-Recovered the interest paid on overdraft-Deletion of interest is affirmed. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-35803","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9jt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=35803"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35803\/revisions"}],"predecessor-version":[{"id":35804,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35803\/revisions\/35804"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=35803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=35803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=35803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}