https://www.taxtmi.com/caselaws?id=60663 Interest on unpaid municipal taxes was treated under the Calcutta Municipal Corporation Act as a separate liability from the tax itself, because the statutory scheme distinguished tax, interest and penalty. On that basis, section 43B of the Income-tax Act did not bar deduction merely because the interest remained unpaid. The interest was also held allowable against business income on commercial principles, since the assessee had claimed it in relation to business receipts. The revisional and appellate disallowances could not stand, and the deduction was allowed for both assessment years. en-us Fri, 03 Sep 1993 00:00:00 +0530 Tue, 04 Feb 2014 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60663 Interest on unpaid municipal taxes was treated under the Calcutta Municipal Corporation Act as a separate liability from the tax itself, because the statutory scheme distinguished tax, interest and penalty. On that basis, section 43B of the Income-tax Act did not bar deduction merely because the interest remained unpaid. The interest was also held allowable against business income on commercial principles, since the assessee had claimed it in relation to business receipts. The revisional and appellate disallowances could not stand, and the deduction was allowed for both assessment years. Case-Laws Income Tax Fri, 03 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60663