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Income allowance of huge interest paid on lease rent

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(Querist)
28 January 2011 Dear sir/Madam,


I have query regarding income tax sec 37(1)
Huge interest paid on lease rent default is it allowable expenditure pls give me reference of any case law if any,
And accounting treatment for the same as per companies act.

Regards,
Suraj
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
29 January 2011 No need of case laws , interest is allowed u/s 37(1). Because this is for business purpose.

Accounting - debit to Interest exp.

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