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Loan taken for payment of interest and penalty

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 March 2016 interest on loan taken for payment of interest and penalty of service tax , whether interest apyable is allowable as per income tax act, if allowable please mention Circular or case law please mention.
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Ankur Singhal

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Ankur Singhal (Expert)
07 March 2016 Dear
The interest amount on loan will be disallowed under income tax act.

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