The Income Tax Appellate Tribunal (ITAT), Amritsar Bench consisting of M L Meena, Accountant Member and Anikesh Banerjee, Judicial Member has held that non-capitalisation interest of loan on plant & machinery and Capital Work in Progress (CWP) cannot be capitalised and disallowed under section 36(1)(iii) of Income Tax Act and upheld the order of CIT…
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