https://www.taxtmi.com/caselaws?id=21248 The High Court ruled against the assessee, denying the deduction claimed for interest paid on additional tax liability under the Voluntary Disclosure of Income and Wealth Act. The court held that the interest payment was not incurred wholly and exclusively for the purpose of business, as required under section 37 of the Income-tax Act. It emphasized that allowing such deductions would unfairly benefit non-compliant taxpayers and distinguished the case from precedents where interest was paid to reduce tax liability. The judgment concluded that interest arising from delayed tax payments is not deductible under the Income-tax Act. en-us Tue, 20 Oct 1992 00:00:00 +0530 Sat, 21 Nov 2009 10:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21248 The High Court ruled against the assessee, denying the deduction claimed for interest paid on additional tax liability under the Voluntary Disclosure of Income and Wealth Act. The court held that the interest payment was not incurred wholly and exclusively for the purpose of business, as required under section 37 of the Income-tax Act. It emphasized that allowing such deductions would unfairly benefit non-compliant taxpayers and distinguished the case from precedents where interest was paid to reduce tax liability. The judgment concluded that interest arising from delayed tax payments is not deductible under the Income-tax Act. Case-Laws Income Tax Tue, 20 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21248