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of <h1>Interest on Tax Payment Not Deductible, Dividend Payment Interest Deductible</h1> The High Court of Bombay held that interest paid on borrowed money for payment of income tax is not deductible under section 36(1)(iii) of the Income Tax ... - The High Court of Bombay ruled that interest paid on borrowed money for payment of income tax is not deductible under section 36(1)(iii) of the Income Tax Act, 1961. However, interest paid on borrowed money for payment of dividends is deductible under the same section as it is considered part of the company's business. The Court referred to a previous case to support its decision.
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