Treatment of prepayment i.e. foreclosure charges
This query is : Resolved
CA Sanjay Baheti
(Querist)
23 May 2014
Dear Experts,
In case of Pvt Ltd Co, what's treatment will be for Prepayment i.e. foreclosure Charges towards repayment of TL from Nationalized Bank as per I.T.Act i.e. whether such expenditure will be allowable or not.
In case of Pvt Ltd Co, what's treatment will be for Prepayment i.e. foreclosure Charges towards repayment of TL from Nationalized Bank as per I.T.Act i.e. whether such expenditure will be allowable or not.
CMA Girish P
(Expert)
23 May 2014
Yes it is allowable expenditure.
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