https://www.taxtmi.com/caselaws?id=38159 The High Court of Calcutta held that interest paid on money borrowed for income-tax payment is not an allowable expenditure under section 37(1) of the Income-tax Act, 1961. The court ruled that income-tax payment is not a business expense and does not qualify for deduction. Citing legal precedents and statutory provisions, the court rejected the assessee's claim, emphasizing that allowing such deductions would lead to double deductions, which is impermissible. The judgment favored the revenue, affirming the disallowance of the claimed deduction. en-us Fri, 21 Apr 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:11:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38159 The High Court of Calcutta held that interest paid on money borrowed for income-tax payment is not an allowable expenditure under section 37(1) of the Income-tax Act, 1961. The court ruled that income-tax payment is not a business expense and does not qualify for deduction. Citing legal precedents and statutory provisions, the court rejected the assessee's claim, emphasizing that allowing such deductions would lead to double deductions, which is impermissible. The judgment favored the revenue, affirming the disallowance of the claimed deduction. Case-Laws Income Tax Fri, 21 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38159