https://www.taxtmi.com/caselaws?id=55170 The appeal was dismissed, and the disallowance of interest paid on delayed income tax payment was upheld by the Tribunal. The Tribunal held that the interest paid to the Income-tax Department on delayed payment of income tax was in the nature of a penalty and not an allowable deduction in computing business income. Additionally, the Tribunal rejected the argument that such interest payments could be considered as business expenditures, emphasizing that income tax payments and related interest are personal liabilities and not deductible in computing business profits. en-us Tue, 21 Feb 1984 00:00:00 +0530 Wed, 24 Nov 2010 12:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55170 The appeal was dismissed, and the disallowance of interest paid on delayed income tax payment was upheld by the Tribunal. The Tribunal held that the interest paid to the Income-tax Department on delayed payment of income tax was in the nature of a penalty and not an allowable deduction in computing business income. Additionally, the Tribunal rejected the argument that such interest payments could be considered as business expenditures, emphasizing that income tax payments and related interest are personal liabilities and not deductible in computing business profits. Case-Laws Income Tax Tue, 21 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55170