https://www.taxtmi.com/caselaws?id=24381 The court denied the private limited company's deduction claim for interest paid on delayed income tax payment under sections 28 and 37 of the Income-tax Act, 1961. The court emphasized the personal nature of income tax liabilities and the lack of a direct nexus between the interest payment and income generation, ruling against the company's argument based on commercial practice and accountancy principles. The decision highlighted the specific conditions for deductions under section 37 and the historical context of relevant legal provisions, ultimately rejecting the deduction claim. en-us Wed, 30 Nov 1988 00:00:00 +0530 Tue, 19 Jan 2010 15:51:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24381 The court denied the private limited company's deduction claim for interest paid on delayed income tax payment under sections 28 and 37 of the Income-tax Act, 1961. The court emphasized the personal nature of income tax liabilities and the lack of a direct nexus between the interest payment and income generation, ruling against the company's argument based on commercial practice and accountancy principles. The decision highlighted the specific conditions for deductions under section 37 and the historical context of relevant legal provisions, ultimately rejecting the deduction claim. Case-Laws Income Tax Wed, 30 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24381