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1987 (11) TMI 32 - ANDHRA PRADESH HIGH COURT
Extract:
.......he Income-tax Act. Our answer to question No. (2) is that a portion of the interest paid on account of delayed payment of sales tax under section 36(3) of the Bombay Sales Tax Act is allowable deduction under the Income-tax Act. We direct the Tribunal to determine the appropriate portion after hearing the parties and then pass consequential orders.