https://www.taxtmi.com/caselaws?id=8747 The High Court held that the interest payment of Rs. 6,733 by a private limited company was not deductible as a revenue expenditure under sections 37 and 36(1)(iii) of the Income-tax Act, 1961. Despite the company's argument that the interest was a legitimate business expense, the Court sided with the department, emphasizing that the interest payment did not meet the criteria for business-related expenses and was not incurred in the regular course of business activities. The Court distinguished between interest on tax refunds and interest on delayed tax payments, ultimately ruling against the company's claim for deduction. en-us Tue, 07 Sep 1971 00:00:00 +0530 Wed, 03 Jun 2009 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8747 The High Court held that the interest payment of Rs. 6,733 by a private limited company was not deductible as a revenue expenditure under sections 37 and 36(1)(iii) of the Income-tax Act, 1961. Despite the company's argument that the interest was a legitimate business expense, the Court sided with the department, emphasizing that the interest payment did not meet the criteria for business-related expenses and was not incurred in the regular course of business activities. The Court distinguished between interest on tax refunds and interest on delayed tax payments, ultimately ruling against the company's claim for deduction. Case-Laws Income Tax Tue, 07 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8747