https://www.taxtmi.com/caselaws?id=13019 The court held that interest paid under section 139(8) of the Income-tax Act for delay in filing the return is not deductible as "business expenditure" under section 37 of the Act. Therefore, the interest paid is not allowed as a deduction under sections 80V and 37(1) of the Act. Additionally, the court clarified that payment made towards technical know-how qualifies as "plant" eligible for depreciation under section 32(1)(iii) based on the definition of "plant" under section 43(3) of the Act. The court emphasized that depreciation cannot be granted if not claimed, and rejected retroactive application of subsequent amendments affecting depreciation deductions. en-us Thu, 06 Dec 2001 00:00:00 +0530 Mon, 25 May 2009 18:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13019 The court held that interest paid under section 139(8) of the Income-tax Act for delay in filing the return is not deductible as "business expenditure" under section 37 of the Act. Therefore, the interest paid is not allowed as a deduction under sections 80V and 37(1) of the Act. Additionally, the court clarified that payment made towards technical know-how qualifies as "plant" eligible for depreciation under section 32(1)(iii) based on the definition of "plant" under section 43(3) of the Act. The court emphasized that depreciation cannot be granted if not claimed, and rejected retroactive application of subsequent amendments affecting depreciation deductions. Case-Laws Income Tax Thu, 06 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13019