Penal intt on term loan

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neha (Querist)
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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)
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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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