Interest on Unsecured Loan

Pankaj Arora (Learner) (3134 Points)

26 August 2019  
Hi..

ABC Ltd company availed some unsecured loan for procurement of inventory, and ABC limited made provision for interest payable on that unsecured loan but company did not pay interest till date, my query is whether interest will be allowed as deduction or not? if not what will be the due date of payment for interest? please share your answer with quoting language of the act