234 c
This query is : Resolved
28 September 2016
Sir, can we allow the interest paid on shortfall of advance tax u/s 234C as an expense, while filing return?????
28 September 2016
No, because that interest is not an allowable business expenditure.
28 September 2016
Okay Sir, thank you, can you please note the section disallowing that expense.....
29 September 2016
Disallowance is warranted u/s 37(1) Also read Bharat Commerce & Inds. Ltd Vs. CIT (1998) 98 Taxman 151(SC).
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