Wednesday 22 May 2013

‘Processing fees’ and ‘penal interest’ received by financial corp. are eligible for sec. 36(1)(viii)

IT : Where assessee, engaged in providing long-term finance, received certain amount as processing fee and penal interest for repayment of loan before agreed period, those charges being incidental to earning of interest income, were to be included in income eligible for deduction under section 36(1)(viii)


No comments:

Post a Comment