https://www.taxtmi.com/caselaws?id=458491 The HC upheld the Tribunal's decision, affirming that prepayment charges are considered interest under Section 2(28A) of the Income Tax Act and should not be deducted as revenue expenditure under Section 37. Additionally, the court agreed with the Tribunal that these charges must be capitalized under Section 36(1)(iii), as part of the capital asset's core cost. The appeal was dismissed, with the court finding the Tribunal's reasoning consistent with the legal framework, answering the substantial questions of law against the assessee. en-us Tue, 13 Oct 2020 00:00:00 +0530 Wed, 30 Oct 2024 19:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458491 The HC upheld the Tribunal's decision, affirming that prepayment charges are considered interest under Section 2(28A) of the Income Tax Act and should not be deducted as revenue expenditure under Section 37. Additionally, the court agreed with the Tribunal that these charges must be capitalized under Section 36(1)(iii), as part of the capital asset's core cost. The appeal was dismissed, with the court finding the Tribunal's reasoning consistent with the legal framework, answering the substantial questions of law against the assessee. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458491