https://www.taxtmi.com/caselaws?id=37958 Interest paid on delayed instalment payment of kist under a statutory liquor licence was treated as business expenditure deductible under section 37 of the Income-tax Act, 1961. The licence and the Abkari Act permitted payment in instalments with interest for payment made after the due date but before the later cut-off date, so the payment was not an infraction of law or a penal outlay arising from wrongful conduct. Decisions disallowing deductions for unlawful or penal payments were therefore inapplicable, and the interest was regarded as expenditure incurred wholly and exclusively for carrying on the business. en-us Mon, 03 Apr 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37958 Interest paid on delayed instalment payment of kist under a statutory liquor licence was treated as business expenditure deductible under section 37 of the Income-tax Act, 1961. The licence and the Abkari Act permitted payment in instalments with interest for payment made after the due date but before the later cut-off date, so the payment was not an infraction of law or a penal outlay arising from wrongful conduct. Decisions disallowing deductions for unlawful or penal payments were therefore inapplicable, and the interest was regarded as expenditure incurred wholly and exclusively for carrying on the business. Case-Laws Income Tax Mon, 03 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37958