Interest
This query is : Resolved
09 September 2009
There are statutory payments like Excise duty,Sales Tax,Tds are paid with interest since payments made beyond due dates.will these interests be disallowed under section 37 of IT Act?.If there are any specific case laws available.pl give in reply.
09 September 2009
Interest paid on sales tax arrears is deductible - Interest paid by the assessee to the Sales-tax Department on arrears of sales tax is an admissible deduction under section 37(1) - Lachmandas Mathuradas v. CIT [2002] 254 ITR 799/122 Taxman 828(SC)/CIT v. Western India State Motors [1987] 167 ITR 395 (Raj.)/CIT v. Western Indian State Motors [1988] 174 ITR 116 (Raj.).
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