Loan Processing Fees on LAP/LRD Loans Not Deductible Under Section 24(b): ITAT Upholds Disallowance

Salarpuria Developers Pvt Ltd Vs ACIT (ITAT Kolkata) Loan Processing Fees on LAP/LRD Loans Not Deductible Under Section 24(b): ITAT Upholds Disallowance The Kolkata ITAT upheld disallowance of ₹11.71 lakh claimed by Salarpuria Developers Pvt. Ltd. towards loan processing charges under Section 24(b), holding that such expenditure was not incurred for acquisition or construction of the property and therefore could not be treated as deductible interest on borrowed capital. The assessee had claimed deduction of loan processing fees paid to Kotak Mahindra Bank in connection with Lease Rental Disc...