Held that upfront loan processing fee though it was amortised for accounting purposes over a period of time in the profit and loss account, it was allowable in its entirety as deduction because a funding was required in business from time to time and those were regular business expenses. (AY. (AY.2009-10)
PCIT v. Indus Towers Ltd. (2023)459 ITR 719/(2024) 296 Taxman 387 (Delhi)(HC) Editorial : Refer, Dy.CIT v. Indus Towers Ltd (2019) 73 ITR 17 (SN) (Delhi)(Trib)
S. 37(1) : Business expenditure-Year of allowability-Method of accounting-Amortised in the accounts-Upfront loan processing fee expenses-Allowable as deduction. [S. 145]