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of <h1>Interest on delayed customs duty not business expense; discount on pistons not sales promotion</h1> The High Court of Madras dismissed the petition concerning the allowance of interest paid for delayed remittance of customs duty as business expenditure. ... Reference, Business Expenditure, Custom Duty The High Court of Madras dismissed the petition regarding the allowance of interest paid for delayed remittance of customs duty as business expenditure. The court also ruled that the sale of pistons at a discount was not considered a sales promotion expense under section 37(3A) of the Income-tax Act, 1961.
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