https://www.taxtmi.com/caselaws?id=38299 The High Court ruled that interest paid for delayed cess payment was not deductible as a business expenditure, as it was considered a penalty and not incidental to business activities. Citing relevant precedents, the court held that penalties for legal breaches in business operations do not qualify as allowable deductions. The decision aligned with established legal principles, rejecting the assessee's arguments and directing each party to bear their own costs. Judges S. C. DEB and SUDHINDRA MOHAN GUHA concurred on the ruling. en-us Thu, 06 Apr 1978 00:00:00 +0530 Mon, 05 Apr 2010 13:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38299 The High Court ruled that interest paid for delayed cess payment was not deductible as a business expenditure, as it was considered a penalty and not incidental to business activities. Citing relevant precedents, the court held that penalties for legal breaches in business operations do not qualify as allowable deductions. The decision aligned with established legal principles, rejecting the assessee's arguments and directing each party to bear their own costs. Judges S. C. DEB and SUDHINDRA MOHAN GUHA concurred on the ruling. Case-Laws Income Tax Thu, 06 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38299