https://www.taxtmi.com/caselaws?id=24008 The High Court held that interest payments made by the assessee to the Department under sections 139, 215, and 217 of the Income-tax Act, 1961 were not deductible as business expenditure. The Court concluded that such interest payments were penal in nature and not incurred for business purposes. Citing precedents, the Court ruled that interest on income tax is not deductible under the Act. Ultimately, the Court ruled against the assessee, denying the deduction for the interest payments. Judge J. Sangma concurred with the decision. en-us Fri, 27 Jan 1989 00:00:00 +0530 Fri, 15 Jan 2010 17:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24008 The High Court held that interest payments made by the assessee to the Department under sections 139, 215, and 217 of the Income-tax Act, 1961 were not deductible as business expenditure. The Court concluded that such interest payments were penal in nature and not incurred for business purposes. Citing precedents, the Court ruled that interest on income tax is not deductible under the Act. Ultimately, the Court ruled against the assessee, denying the deduction for the interest payments. Judge J. Sangma concurred with the decision. Case-Laws Income Tax Fri, 27 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24008