Expense to get finance for normal business operations was revenue expense

DCIT Vs. Indus Towers Ltd. (ITAT Delhi) It is pertinent to note that the assessee had taken loans from banks and financial institutions amounting to Rs. 1850 crores for operating its business and banks charges Rs. 21,87,50,000/- as one time processing fees (upfront fee). The entire amount of loans processing fees was claimed as revenue expenditure u/s 37 of the Act. The Ld. AR contented that for accounting purposes assessee amortised the total fees over the period of respective loan by debiting an amount of Rs. 4,45,38,521 to its P&L, based on number of years for which loan was used in thi...