A loan was taken for construction of an asset and interest was capitalized till the date of completion of construction. Subsequently, if the whole of the interest is waived, does the capitalized interest need to be reversed?
In a different situation, if the interest is paid by a third party (government), does the interest need to be capitalized? I suppose not.
Thank you.
Saini Pati Shah & Co LLP, Chartered Accountants
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AJAY SINGH AND CO LLP
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