Interest on Delayed EDC Payments to HUDA Allowed as Revenue Expenditure u/s 37(1) of Income Tax Act.

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....Revenue expenditure - interest expenses towards delayed payment of EDC external Development Charges to HUDA - - Not to be held as penal in nature u/s 37(1) - the interest expenditure on delayed payment for EDC charges paid to HUDA in the year under consideration is allowable to the assessee - AT....