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Escrow account

This query is : Resolved 
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(Querist)
13 June 2013 Dear All,

A partnership firm has recd interest on account of amount kept in escrow account for a project. It has also incurred expenses for the same project.

Can such expenses be claimed against said income and balance to be declared for income tax.
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Rupesh Jain

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Rupesh Jain (Expert)
13 June 2013 yes, you can claim exp
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Durgesh Joglekar

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Durgesh Joglekar (Expert)
13 June 2013 Agree with expert
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