Court Clarifies Section 40(a)(ia) of Income Tax Act: Applies Beyond Interest Payable on Financial Year's Last Day.

Addition invoking Sec.40(a)(ia) - The language of the Section does not warrant an interpretation that it is attracted only if the interest remains payable on the last day of the financial year. If this contention is to be accepted, this Court will have to alter the language of Section 40(a) (ia) and such an interpretation is not permissible. - HC .....

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