1998 (12) TMI 642 - HC - Income Tax

Summary

The High Court of Madras dismissed the appeal regarding the interest paid for delayed remittance of customs duty and the sale of pistons at a discount. The Tribunal's decision was upheld in both cases. The interest paid was considered compensatory, not a business expenditure. The discount on pistons was not classified as a sales promotion expense under Section 37(3A) of the Income Tax Act, as it was meant to ensure the discount reached the ultimate buyer. The petition was dismissed.