Dear All,
One of my client had sold goods to one party. Now, on default of that party, the company filed a suit against them and received excess amount than receivable which can be regarded as interest. Now, what will be the treatment of such excess amount received ?
Thank you.
it would be taxable.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Shyam Joshi & Associates
Pune
B.Com
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
