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Income Tax - Highlights / Catch Notes

Home Highlights February 2015 Year 2015 This

Allowable expenditure - interest payment on custom duty are ...


Interest Payments on Customs Duty Are Allowable Expenditures Under Income Tax Act Provisions.

February 11, 2015

Case Laws     Income Tax     AT

Allowable expenditure - interest payment on custom duty are expenses allowable under the provisions of the Act - AT

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  1. Disallowance u/s 37 of interest paid on delayed payment of additional Customs Duty was challenged, contending that it was not penal in nature but compensation for delay...

  2. Disallowance of interest on customs duty - As customs duty is allowable only on payment basis under section 43B, interest levied on arrears or late payment of customs...

  3. Interest on custom duty - accrual of expenses - The interest on custom duty has the same nature as custom duty and therefore it could be allowed on payment basis - AT

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  11. Disallowance of interest expenditure u/s 57 - nexus between the interest income vis-à-vis the interest expenditure - no nexus between the impugned income and interest...

  12. The appellants, having discharged the entire customs duty with applicable interest under DGFT's Amnesty Scheme after failing to fulfill export obligations, successfully...

  13. ITAT upheld CIT(A)'s decision allowing deduction of Finance Lease Rental Payments under section 37(1) as revenue expenditure. Revenue's appeal challenging depreciation...

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