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Is punitive charges paid to the railways disallowable u/s 37(1) by holding as penalty. Ans is No. Order passed by ITAT KOLKATA on Nov 20, 2020 in the case of RUNGTA MINES PVT. LTD.vs. ACIT.
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Section 32, 37, 36(1)(iii), 37(1), 131, 133A, 56, 147 AY 2012-13, 2013-14, 2014-15 After going through the various terms of the deed if it is loan/finance arrangement between the parties then the assessee is entitled only to claim interest as expenditure u/s 36 (1) (iii) and depreciation and is not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1). FASTWAY TRANSMISSION (P) LTD. vs. ACIT ITAT CHANDIGARH May 6, 2020