Prepayment penalty charges & upfront fees are revenue expenditure

ITAT Kolkata Sarat Chatterjee & Co. (VSP) (P.) Ltd. v. Assistant Commissioner of Income-tax IT Appeal NOs. 1531 & 1544 (KOL.) of 2010 Assessment year 2006-07 Date of Decision – May 31, 2012 ORDER C.D. Rao, Accountant Member The above two appeals one filed by the assessee and the other filed by the Revenue are against order dated 20.05.2010 of the CIT(A)-VIII, Kolkata pertaining to A.Yr. 2006-07. 2. In this appeal the assessee has raised the following grounds :- “1.  For that the Ld. Commissioner of Income Tax (Appeals) VIII, Kolkata erred in upholding the add...