2000 (11) TMI 81

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....n this case a deduction of Rs. 65,653, which was interest payable by the assessee in respect of unpaid municipal rates due to the Calcutta Municipal Corporation. The Income-tax Appellate Tribunal reversed the decision of the Assessing Officer and the Commissioner of Income-tax (Appeals). It is settled beyond dispute that interest on late payment of municipal rates is not in the nature of a payme....