Income Tax Act Section 271(1)(c) Penalty Confirmed: Tax and Related Interest Not Deductible u/s 37.

Penalty u/s 271(1)(c) - If income-tax itself is not a permissible deduction u/s 37, any interest payable for default committed by the assessee in discharging his statutory obligation under the Act, which is calculated with reference to the tax on income cannot be allowed as a deduction - penalty confirmed - AT .....

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