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1999 (6) TMI 26 - MADRAS HIGH COURTExtract: .......any interest payable for non-payment of such tax should also be considered as levied on the basis of such profits, or gains. It cannot be allowed as a deduction. the interest paid under section 220(2) of the Act cannot be allowed as a deduction. Accordingly, we answer the second question of law in the affirmative and against the assessee. No costs.
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