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<h1>Interest under Sales Tax Act deductible as compensatory not penal under Income-tax Act</h1> The High Court of Gauhati held that interest paid under section 35A of the Assam Sales Tax Act is deductible under section 37 of the Income-tax Act as it ... Business Expenditure The High Court of Gauhati ruled that interest paid under section 35A of the Assam Sales Tax Act is deductible under section 37 of the Income-tax Act as it is compensatory and not penal in nature. The court relied on previous judgments and held that the interest is part of the tax liability and not a penalty. The court answered the question in favor of the assessee.
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