Loan advanced for Repayment of Business Operation Liabilities allowable as Business Expenditure u/s 37 (1): ITAT [Read Order]

The loan was advanced for repayment of liabilities arising out of business operations, they are allowable as business expenditure
ITAT - ITAT Delhi - Income Tax - Repayment of Business Operation - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT) observed that loan advanced for repayment of business operation liabilities allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961 The issue to be decided was whether the deduction claimed by the assessee is to be allowed as business expenditure or not….

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