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Interest cost incurred for acquiring land as stock-in-trade couldn't be allowed as deduction in term of AS-16

May 8, 2019[2019] 107 315 (Jaipur - Trib.)/[2019] 177 ITD 643 (Jaipur - Trib.)

INCOME TAX : Where assessee, engaged in construction and development of housing project, claimed deduction of interest paid on money borrowed for acquiring land as stock-in-trade, in terms of AS-16, interest cost so incurred would be required to be accumulated as part of project cost and same could not be allowed as deduction in year of incurrance itself
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