Interest U/s 234

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John Joseph

John Joseph (Querist)
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15 June 2011 whether the Interest U/s 234 A B C disallowable??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 June 2011 Section 234A 234B and 234C interest is nothing but Income Tax. Income tax is not allowed as an expense.

John Joseph

John Joseph (Querist)
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15 June 2011 sir,
thank you . Valuable solution.
is there any case Supporting this view?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 June 2011 Income tax is not a permissible deduction u/s 37. So any interest payable for the default committed by the assessee in discharging its statutory obligation under the IT Act,1961 which is calculated with reference to the tax or income cannot be allowed as a business expenditure meaning thereby disallowance is warranted.
Citation :- Orient General Insurance Ltd Vs. CIT (1994) 209 ITR 490 (cAL).

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