2009 (6) TMI 91 - HC - Income Tax

Whether the interest received on overdue payment in business is deductible under section 80HHC Held yes - issue is squarely covered by the judgment of the apex court in the case of CIT v. Bhansali Engineering Polymars Ltd. - In this view of the matter no substantial question of law is involved in the present appeal

Summary

The High Court of Bombay dismissed the appeal regarding the deductibility of interest received on overdue payments in business under section 80HHC of the Income-tax Act, 1961. The court cited previous judgments and ruled that no substantial question of law was involved in the case. The appeal was dismissed with no order as to costs.