https://www.taxtmi.com/caselaws?id=38244 Statutory interest paid under section 220(2) for delayed tax payment was held not deductible as business expenditure because it was incurred on tax default rather than for carrying on business, and the claim failed in favour of the Revenue. Deduction under section 80M was also unavailable before computation of gross total income and set-off of business loss, because Chapter VI-A deductions apply only from gross total income; where gross total income was a net loss, no further relief could be claimed. The reference was answered against the assessee on both questions. en-us Mon, 13 Mar 1978 00:00:00 +0530 Mon, 05 Apr 2010 11:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38244 Statutory interest paid under section 220(2) for delayed tax payment was held not deductible as business expenditure because it was incurred on tax default rather than for carrying on business, and the claim failed in favour of the Revenue. Deduction under section 80M was also unavailable before computation of gross total income and set-off of business loss, because Chapter VI-A deductions apply only from gross total income; where gross total income was a net loss, no further relief could be claimed. The reference was answered against the assessee on both questions. Case-Laws Income Tax Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38244