Penal intt on term loan
This query is : Resolved
27 February 2013
i want to know if penal intt paid on late depositing the instalment of term loan is allowed to debited to P/l a/c or not?
CA Suraj Lakhotia
(Expert)
27 February 2013
Penal Interest paid on term loan would be allowed as a deduction. It is not covered under any specific disallowance.
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