01 September 2018
Dear All, What is the accounting treatment of 234A, B , C Interest & If it is included under Interest expenses should it be disallowed? Regards, Kiran.
03 November 2021
Interest payable under the provisions of the Act is also covered - Payment of income-tax is not deductible as per section 40(a)(ii); hence, interest under sections 139, 215 and 217 which is to be regarded as accretion to tax, is also be allowed to be deducted.
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