{"id":64097,"date":"2026-08-28T16:11:03","date_gmt":"2026-08-28T10:41:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/aspinwall-and-company-ltd-v-cit-2026-308-taxman-321-ker-hc\/"},"modified":"2026-08-28T16:11:03","modified_gmt":"2026-08-28T10:41:03","slug":"aspinwall-and-company-ltd-v-cit-2026-308-taxman-321-ker-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/aspinwall-and-company-ltd-v-cit-2026-308-taxman-321-ker-hc\/","title":{"rendered":"Aspinwall and Company Ltd. v. CIT (2026) 308 Taxman 321 (Ker.)(HC)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>Court held that delayed payment of agricultural income tax (AIT)\u00a0 cannot be considered as a business interest of the assessee, and therefore, interest paid for delay cannot be considered as expenditure for purposes of the business of the assessee. Since AIT was not an allowable deduction under the Act, interest paid on such delayed payment was also not deductible.<\/p>\n<p>(AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"\n<p>S. 37(1): Business expenditure-Interest on agricultural income tax (AIT)-Not allowable as business expenditure.[S 10(1),40(a)(ii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64097","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gFP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=64097"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64097\/revisions"}],"predecessor-version":[{"id":64098,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64097\/revisions\/64098"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}