Expense on account of Interest on Margin facility and late Payment to Brokers, Not in Nature of Penalty: ITAT allows Disallowance u/s 37(1) [Read Order]

By Sunayana Dhal - On October 19, 2023 4:30 pm - 2 mins read

Expense - Interest - Expense on account of Interest - Expense on account of Interest on Margin facility - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) allowed the disallowance under Section 37(1) of the Income Tax Act, 1961, and held that the expenses on account of interest on margin facility and late payment to brokers shall not be in nature of penalty. The assessee is aggrieved by the order of the…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics

Accountant Member Ms. Annapurna Gupta CIT(A)Disallowance ITAT Ahmedabad Penalty section 37(1) of the Income Tax Act