Principal Amount Received Mistakenly and Not as an Advance to be Allowed as an Expenditure u/s 37 of Income Tax act along with the Interest: ITAT [Read Order]

By Ipsita Das - On August 17, 2023 11:00 am - 2 mins read

Principal Amount Received - Advance - Principal Amount - Expenditure - Income Tax act - Interest - ITAT - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT), held that Authorities have failed to appreciate that the amount was in fact not an advance but was received mistakenly and which under a Court decree had to be returned with interest and thus principal amount and interest is allowable as expenditure under Section 37 of…

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