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]

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…

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