https://www.taxtmi.com/caselaws?id=64984 The Tribunal allowed the deduction for compensatory interest on late payment of Sales-tax under section 37(1) of the Act, citing it as compensatory and deductible. However, the penalty claimed was disallowed as it was considered penal in nature and required discretion for imposition. The appeal was partly allowed, permitting the deduction for interest but not for the penalty. en-us Thu, 30 Mar 1995 00:00:00 +0530 Fri, 11 Feb 2011 14:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64984 The Tribunal allowed the deduction for compensatory interest on late payment of Sales-tax under section 37(1) of the Act, citing it as compensatory and deductible. However, the penalty claimed was disallowed as it was considered penal in nature and required discretion for imposition. The appeal was partly allowed, permitting the deduction for interest but not for the penalty. Case-Laws Income Tax Thu, 30 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64984