Tag: loan pre-payment

No Foreclosure Charges /Prepayment Penalty on Floating Rate Term Loans for purposes other than business to individual borrowers – RBI In 2012, RBI in terms of the Monetary Policy Statement 2012-13  mandated that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating …

Loan pre-payment premium/charges paid for reducing interest liability not result in acquisition of any asset and not a capital but Revenue expenditure  ABCAUS Case Law Citation: ABCAUS 2890 (2019) (04) HC The instant appeal was filed by the Revenue against the impugned order of the Income Tax Appellate …