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Sec 40(a)

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(Querist)
08 June 2013 Whether Interest on CST allowable under Sec.40(a) or not?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 June 2013 40(a) has nothing to do with CST interest. Seems section referred is wrong.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 June 2013 40(a)(ia) talks about interest. But that reference is related to an interest covered in section 194A. Again interest referred in section 194A ,as per my understanding, should generate from an underlying financial asset. CST interest doesn't satisfy the above condition, hence can't be disallowed u/s 40(a)(ia).
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