https://www.taxtmi.com/caselaws?id=212633 The Tribunal ruled on the deductibility of interest under Section 24(b) of the Income Tax Act, 1961, in relation to unpaid purchase price interest. It held that interest on borrowed capital, including penal interest, is deductible, while interest on interest is not. The matter was remanded to the Assessing Officer for the assessee to provide a breakdown of the interest claimed, distinguishing between interest on borrowed capital and penal interest, with interest on interest not being eligible for deduction. The appeals were partly allowed for statistical purposes. en-us Fri, 30 Mar 2012 00:00:00 +0530 Wed, 18 Apr 2012 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212633 The Tribunal ruled on the deductibility of interest under Section 24(b) of the Income Tax Act, 1961, in relation to unpaid purchase price interest. It held that interest on borrowed capital, including penal interest, is deductible, while interest on interest is not. The matter was remanded to the Assessing Officer for the assessee to provide a breakdown of the interest claimed, distinguishing between interest on borrowed capital and penal interest, with interest on interest not being eligible for deduction. The appeals were partly allowed for statistical purposes. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212633