Penal Interest due to delay in Payment of Lease amount: ITAT directs to Capitalize under Project Expenses [Read Order]

Penal Interest - Payment - Lease amount - ITAT - Project Expenses - taxscan

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench directed to capitalize under project expenses as there was Penal Interest due to delay in payment of lease amount. The assessee company, M/s. Logix Buildtech Private Limited is engaged in the activities of real estate business. A survey operation u/s 133A was conducted by investigation wing,…

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