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The Delhi bench of ITAT in [2021] 24 ITR (Trib)-OL 631 (ITAT[Del]) held that interest on late payment of credit card dues has to be allowed where the credit cards are used for business-related expenses.
The bench inferred that the amounts availed of through credit cards are like temporary loans and, therefore, the interest charged by the banks for late payment of credit card dues partook of the character of business expenses admissible u/s 37.

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