https://www.taxtmi.com/caselaws?id=411643 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) in allowing the deduction of interest expenses amounting to Rs. 8,17,42,528 paid by the assessee to Haryana Urban Development Authority (HUDA) for delayed payment of External Development Charges (EDC) as revenue expenditure. The Tribunal ruled that the interest payment was revenue in nature and not penal, rejecting the Assessing Officer's characterization and disallowance of the expenses. The judgment emphasized the distinction between revenue and capital expenditures, ultimately favoring the deduction of interest expenses for the assessee. en-us Fri, 27 Aug 2021 00:00:00 +0530 Mon, 30 Aug 2021 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411643 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) in allowing the deduction of interest expenses amounting to Rs. 8,17,42,528 paid by the assessee to Haryana Urban Development Authority (HUDA) for delayed payment of External Development Charges (EDC) as revenue expenditure. The Tribunal ruled that the interest payment was revenue in nature and not penal, rejecting the Assessing Officer's characterization and disallowance of the expenses. The judgment emphasized the distinction between revenue and capital expenditures, ultimately favoring the deduction of interest expenses for the assessee. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411643