https://www.taxtmi.com/caselaws?id=245019 Statutory interest payable for default in advance tax or assessed tax was treated as part of the company's tax liability for surtax computation. Applying the exclusion of tax liability under section 4 of the Companies (Profits) Surtax Act, 1964 and rule 2(i) of the First Schedule, the interest under sections 139(8), 215 and 217 of the Income-tax Act, 1961 was held deductible along with income-tax while determining chargeable profits. Authorities dealing with deductions under different Income-tax Act provisions were treated as inapplicable because the issue turned on the special surtax scheme. en-us Tue, 11 Mar 2014 00:00:00 +0530 Sat, 15 Mar 2014 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245019 Statutory interest payable for default in advance tax or assessed tax was treated as part of the company's tax liability for surtax computation. Applying the exclusion of tax liability under section 4 of the Companies (Profits) Surtax Act, 1964 and rule 2(i) of the First Schedule, the interest under sections 139(8), 215 and 217 of the Income-tax Act, 1961 was held deductible along with income-tax while determining chargeable profits. Authorities dealing with deductions under different Income-tax Act provisions were treated as inapplicable because the issue turned on the special surtax scheme. Case-Laws Income Tax Tue, 11 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245019