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Interest paid on additional excise duty is allowable?

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(Querist)
20 December 2011 interest paid on additional excise duty to the govt. dept. on late payment whether it is allowable as business expenditure?
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Manish Soni

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Manish Soni (Expert)
20 December 2011 Dear Mansha,

As interest paid on Excise Duty is compensatory in nature, it's deduction is allowable u/s 37 of the IT Act. Only interest paid on income tax is not allowable.
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
20 December 2011 Yes, Interest Paid on Income Tax is not Allowable.
Rest Interest Paid on Other Taxes& Duties are Allowable Under Income Tax Act
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