https://www.taxtmi.com/caselaws?id=275824 The court held that interest for delayed payment of tax deducted from employees' salaries under section 201(1A) of the Income-tax Act is not deductible as a business expense. The interest was deemed a consequence of non-compliance with tax laws, akin to penalties and not an allowable deduction under section 37 of the Act. The court emphasized that such interest on tax itself is not deductible, ruling in favor of the revenue and directing the assessee to bear the reference costs. en-us Mon, 17 Jul 1989 00:00:00 +0530 Thu, 18 Oct 2018 14:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275824 The court held that interest for delayed payment of tax deducted from employees' salaries under section 201(1A) of the Income-tax Act is not deductible as a business expense. The interest was deemed a consequence of non-compliance with tax laws, akin to penalties and not an allowable deduction under section 37 of the Act. The court emphasized that such interest on tax itself is not deductible, ruling in favor of the revenue and directing the assessee to bear the reference costs. Case-Laws Income Tax Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275824