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Treatment of prepayment i.e. foreclosure charges

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(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.
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CMA Girish P

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CMA Girish P (Expert)
23 May 2014 Yes it is allowable expenditure.

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