https://www.taxtmi.com/article/detailed?id=10899 Interest on belated payment of service tax, incurred in the course of business, is not a penalty and therefore qualifies as deductible business expenditure under the general deduction principle for expenditures laid out wholly and exclusively for the purposes of business or profession. The tribunal distinguished punitive sanctions from interest arising from late statutory tax discharge and applied the statutory assessment framework to assess whether such expenditure falls outside exclusions for unlawful or prohibited payments. en-us Sat, 24 Dec 2022 12:50:16 +0530 Sat, 24 Dec 2022 12:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10899 Interest on belated payment of service tax, incurred in the course of business, is not a penalty and therefore qualifies as deductible business expenditure under the general deduction principle for expenditures laid out wholly and exclusively for the purposes of business or profession. The tribunal distinguished punitive sanctions from interest arising from late statutory tax discharge and applied the statutory assessment framework to assess whether such expenditure falls outside exclusions for unlawful or prohibited payments. Articles Income Tax Sat, 24 Dec 2022 12:50:16 +0530 https://www.taxtmi.com/article/detailed?id=10899