Deductability of Interest paid under section 234B

This query is : Resolved

V.Jagadeesan (Querist)
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17 March 2009 Dear All,

An assessee has paid interest u/s 234B in the year 2007-08 for the short fall short payment of advance tax for the year 2006-07.
Whether the interest paid is allowable as deduction in the computation of taxable income for the year 2007-08.

Regards,

V. Jagadeesan.

Rajesh Kumar

Rajesh Kumar (Expert)
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17 March 2009 Yes

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 March 2009 Interest payment on account of delayed remittance of advance income tax is not an allowable expenditure while computing taxable income of the ensuing year. Citation:-Bharat Commerce & Industries Ltd 98 Taxmann 151 (SC).

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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18 March 2009 I AGREE WITH MR.B.CHACKRAPANI, BECAUSE THE INTEREST U/S 234B IS IN THE NATURE OF PENALTY FOR SHORT PAYMENT OF ADVANCE TAX.

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