1985 (8) TMI 27 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that interest paid by the assessee to the Sales Tax Department on arrears of sales tax under section 11B of the Rajasthan Sales Tax Act, 1954, was an admissible deduction under section 37 of the Income-tax Act, 1961. The court based its decision on a previous case involving the same assessee. The judgment favored the assessee, and each party was responsible for their own costs.