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Inadmissibility of certain interest payments as deduction under section 37(1)/57(iii) of the Income-tax Act, 1961

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.... Sir, A Central Act called the "Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 (No. 32 of 1993)**", has been enacted with effect from September 23, 1992, which provides for payment of certain amount of mandatory interest to the buyers of goods and services from small scale industrial undertakings and ancillary industrial undertakings in respect of dela....

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Inadmissibility of certain interest payments as deduction under section 37(1)/57(iii) of the Income-tax Act, 1961