https://www.taxtmi.com/caselaws?id=766898 ITAT Chennai allowed assessee's appeal regarding disallowance of interest tax payment. The assessee had paid interest tax for assessment years 1993-94 to 1997-98, which was initially refunded but later became payable again in 2018-19 following Madras HC decision confirmed by SC. Under Section 18 of Interest-tax Act, interest tax paid is deductible from income. Both AO and CIT(A) erroneously disallowed the expenditure claim. ITAT set aside CIT(A)'s order and allowed assessee's claim for interest tax expenditure in AY 2018-19, ruling the assessee eligible for deduction. en-us Wed, 18 Sep 2024 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766898 ITAT Chennai allowed assessee's appeal regarding disallowance of interest tax payment. The assessee had paid interest tax for assessment years 1993-94 to 1997-98, which was initially refunded but later became payable again in 2018-19 following Madras HC decision confirmed by SC. Under Section 18 of Interest-tax Act, interest tax paid is deductible from income. Both AO and CIT(A) erroneously disallowed the expenditure claim. ITAT set aside CIT(A)'s order and allowed assessee's claim for interest tax expenditure in AY 2018-19, ruling the assessee eligible for deduction. Case-Laws Income Tax Wed, 18 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766898