https://www.taxtmi.com/caselaws?id=21306 Interest paid for delayed tax payment under section 220(2) is treated as tax-related outgo and not deductible as business expenditure under sections 28 and 37, while surtax paid under the Companies (Profits) Surtax Act is also not allowable under section 37 because it is an application of profits rather than business expenditure. Relief under section 80J may be available where a new undertaking is set up mainly with fresh assets and only incidental use of second-hand machinery does not amount to disqualifying formation by transfer of used assets. Borrowed money is excluded from capital employed for rule 19A read with section 80J where the governing computation rule so provides. An objection to interest computation under section 214 is required to be examined on merits where the point has not been dealt with by the appellate authority. en-us Thu, 05 Nov 1992 00:00:00 +0530 Sat, 21 Nov 2009 13:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21306 Interest paid for delayed tax payment under section 220(2) is treated as tax-related outgo and not deductible as business expenditure under sections 28 and 37, while surtax paid under the Companies (Profits) Surtax Act is also not allowable under section 37 because it is an application of profits rather than business expenditure. Relief under section 80J may be available where a new undertaking is set up mainly with fresh assets and only incidental use of second-hand machinery does not amount to disqualifying formation by transfer of used assets. Borrowed money is excluded from capital employed for rule 19A read with section 80J where the governing computation rule so provides. An objection to interest computation under section 214 is required to be examined on merits where the point has not been dealt with by the appellate authority. Case-Laws Income Tax Thu, 05 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21306