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disallowance expenditure

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(Querist)
02 September 2009 whether interest paid on vat/cst (sales tax) is allowable expenditure are not? while considering income from business/profession, please quote section or case laws
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Ratan Sharma

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Ratan Sharma (Expert)
02 September 2009 Yes interest on VAT/CST is allowable. Even penalty in the nature of interest in VAT is also allowable expenditure.
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CA Ravi Kumar Murugesh

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CA Ravi Kumar Murugesh (Expert)
02 September 2009 Interest payable on VAT or CST is allowable expenditure under Income Tax Act.
But penalty imposed on violation of Act is not an allowable expenditure.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
02 September 2009 i agree with Mr. Ravi
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