https://www.taxtmi.com/caselaws?id=68728 For rule 2 of the First Schedule to the Companies (Profits) Surtax Act, interest levied under sections 215 and 217 of the Income-tax Act on arrears or delayed payment of income-tax is treated as part of the tax liability and excluded along with income-tax when computing the reduction for income-tax payable. The reasoning stated that such interest is an accretion to the tax demand and forms part of the assessment process, and the construction adopted was favourable to the assessee. en-us Fri, 07 Jun 2002 00:00:00 +0530 Fri, 01 Apr 2011 11:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68728 For rule 2 of the First Schedule to the Companies (Profits) Surtax Act, interest levied under sections 215 and 217 of the Income-tax Act on arrears or delayed payment of income-tax is treated as part of the tax liability and excluded along with income-tax when computing the reduction for income-tax payable. The reasoning stated that such interest is an accretion to the tax demand and forms part of the assessment process, and the construction adopted was favourable to the assessee. Case-Laws Income Tax Fri, 07 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68728