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2004 (9) TMI 27 - HC - Income TaxCarrying charges – Allowability - Business Expenditure - assessee earned commission on sales and claimed that the "carrying charges" were to be paid to the bankers towards utilisation of certain credit facilities by the assessee. The carrying charges generally included bank charges, bank interest, etc., which the assessee was allegedly required to reimburse – held that amount having been laid out or expended for the purpose of earning the income, even though payable in future, shown in its account under the mercantile system of accounting is eligible for deduction under section 37.
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