Deduction for interest on borrowed money to pay taxes allowed in computing income; litigation expense deduction subject to statutory cap. Section 80V allows deduction of interest paid on money borrowed for payment of tax when computing total income. Section 80VV allows deduction of expenditure incurred in proceedings before income-tax authorities, the Appellate Tribunal, or courts relating to determination of tax, penalty, or interest liabilities, subject to an aggregate statutory cap.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for interest on borrowed money to pay taxes allowed in computing income; litigation expense deduction subject to statutory cap.
Section 80V allows deduction of interest paid on money borrowed for payment of tax when computing total income. Section 80VV allows deduction of expenditure incurred in proceedings before income-tax authorities, the Appellate Tribunal, or courts relating to determination of tax, penalty, or interest liabilities, subject to an aggregate statutory cap.
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