Sum set-aside as debenture redemption reserve couldn’t be considered as a reserve for computing book profits: ITAT

INCOME TAX : Where assessee borrowed funds for setting up of a thermal power plant, interest expenses incurred by assessee till date of commissioning of power production i.e., prior to use of assets, was to be capitalized to cost of asset in view of section 43(1); however, interest expenses incurred after commencement of power production i.e. post assets were put to use, was to be allowed as revenue expenditure

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