Interest accrued but not due u/s 37 of the Income Tax Act, 1961

Last updated: 28 August 2021

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The Income Tax Appellate Tribunal ruled that interest accrued but not yet due on loans is an allowable business expense for deduction. The Assessing Officer had disallowed this expense, but the CIT (Appeals) deleted the addition. The Tribunal upheld the CIT's decision, confirming that the nature of the liability, not its due date, determines deductibility.

Court :
ITAT Delhi

Brief :
This appeal is filed by the ld. Dy. Commissioner of Income Tax, Circle 17 (2) New Delhi (the Ld. AO) against the order of the Ld. Commissioner of Income Tax (Appeals)–38, New Delhi, dated 8.09.2017 for assessment year 2005-06.

Citation :
ITA No. 7866/Del/2017

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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