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<h1>Purchase Tax Interest Not Penalty; Deductible under U.P. Sugarcane Act</h1> The High Court of Punjab and Haryana held that interest paid for non-payment of purchase tax under the U.P. Sugarcane (Purchase Tax) Act, 1961, is a ... Business Expenditure The High Court of Punjab and Haryana answered two questions referred under section 256(1) of the Income-tax Act, 1961. The court held that interest paid for non-payment of purchase tax under the U.P. Sugarcane (Purchase Tax) Act, 1961, is not a penalty but a permissible deduction. This decision was based on a previous Supreme Court judgment in Mahalakshmi Sugar Mills Co. v. CIT [1980] 123 ITR 429. No costs were awarded.
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