Tribunal relied on the decision in CIT v. Chennai Properties and Investment Ltd (1999) 239 ITR 435 (Mad)(HC) and held that interest paid on delayed remittance of tax is not allowable as deduction. Order in Resolve Salvage and Fire India (P) Ltd v. Dy.CIT (1995) 195 ITD 266 (Mum) (Trib) distinguished. (AY. 2006-07 to 2010-11)
Spicejet Ltd. v. Add. CIT (2023)102 ITR 58 (Delhi)(Trib)
S.37(1): Business expenditure-Interest paid on delayed remittance of tax-Not allowable as deduction.