Interest U/s 234
This query is : Resolved
15 June 2011
whether the Interest U/s 234 A B C disallowable??
15 June 2011
Section 234A 234B and 234C interest is nothing but Income Tax. Income tax is not allowed as an expense.
15 June 2011
sir,
thank you . Valuable solution.
is there any case Supporting this view?
thank you . Valuable solution.
is there any case Supporting this view?
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).
Citation :- Orient General Insurance Ltd Vs. CIT (1994) 209 ITR 490 (cAL).
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