https://www.taxtmi.com/caselaws?id=55291 The Tribunal ruled that the interest paid under section 220(2) of the Income-tax Act was not deductible under section 37 or 28 as it was not connected to the business activities of the assessee. The claim under section 35B for various expenses was disallowed in line with precedent. The Tribunal determined the interest under section 220(2) to be compensatory and clarified that the liability accrued when the order was passed. Consequently, the assessee's cross-objection was dismissed. en-us Tue, 08 Jun 1982 00:00:00 +0530 Thu, 25 Nov 2010 12:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55291 The Tribunal ruled that the interest paid under section 220(2) of the Income-tax Act was not deductible under section 37 or 28 as it was not connected to the business activities of the assessee. The claim under section 35B for various expenses was disallowed in line with precedent. The Tribunal determined the interest under section 220(2) to be compensatory and clarified that the liability accrued when the order was passed. Consequently, the assessee's cross-objection was dismissed. Case-Laws Income Tax Tue, 08 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55291