Income allowance of huge interest paid on lease rent
This query is : Resolved
28 January 2011
Dear sir/Madam,
I have query regarding income tax sec 37(1)
Huge interest paid on lease rent default is it allowable expenditure pls give me reference of any case law if any,
And accounting treatment for the same as per companies act.
Regards,
Suraj
I have query regarding income tax sec 37(1)
Huge interest paid on lease rent default is it allowable expenditure pls give me reference of any case law if any,
And accounting treatment for the same as per companies act.
Regards,
Suraj
29 January 2011
No need of case laws , interest is allowed u/s 37(1). Because this is for business purpose.
Accounting - debit to Interest exp.
Accounting - debit to Interest exp.
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