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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Allowable expenditure versus Application of Income (Repayment of ...

Income Tax

February 6, 2024

Allowable expenditure versus Application of Income (Repayment of loan) - Payment made to the Marketing Board - progressive payments given to the Haryana State Agricultural Marketing Board from the year 2006 onwards till the year 2009 - payment of liability of old loan - The High court found that the payment made was for the achievement of the objectives prescribed under the Punjab Agricultural Produce Markets Act, 1961. Therefore, it should not be considered as a repayment of a loan, and the disallowance made was based on incorrect reasoning.

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