Does proviso to section 36(1)(iii) apply on construction contract i.e. interest paid on capital borrowed for acquisition of an asset is not allowable as deduction if the same relates to a period beginning from the date of borrowing till the date on which such asset is first put to use.

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..... ning from the date of borrowing till the date on which such asset is first put to use. - ICDS III : Construction Contracts Income computation and disclosure standards - Income Tax - Manuals - FAQ - Da .....

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..... ontract would not be hit by the embargo created under proviso to section 36(1)(iii) of the Act. As a result, interest paid on capital borrowed by a contractor attributable to a construction contract w .....

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