hello guys i want your suggestion regarding following case
i want to know whether interest paid on delayed payment of custom duty for clearance of goods from warehouse is allowed as deduction under income tax act or not.
kindly provide me link for the suitable notification or circular.
thanks for your concern.
Dear Kuldeep,
Interest in such cases is allowed as deduction if compensatory in nature whereas if it is penal in nature then it is disallowed.
In ur case its compensatory in nature only so it will be allowed as deduction.
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