The Indore bench of Income Tax Appellate Tribunal (ITAT) recently held that bank charge paid for obtaining loan was revenue expenditure. Assessee Supreme Auto (India) Pvt. Ltd. filed return of relevant Assessment year 2013-14 declaring a loss of Rs. 16,96,950/- which was subjected to scrutiny and statutory notices under section 143(2) / 142(1) Income Tax…
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