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Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessment year 1964-65 - Whether interest paid for late payment of royalty to Government would be an admissible deduction in computing assessee's total income - Held, yes FACTS The Tribunal held that the amount of interest paid for late payment of royalty to the State Government was not an admissible deduction in computing the total income. On reference : HELD In view of the of the Supreme Court in the case of Mahalakshmi Textile Mills Co. Ltd. v. CIT [1980] 123 ITR 429, the Tribunal was not justified in disallowing the deduction claimed. Note: The case was decided in favour of the assessee. JUDGMENT Ghose, C.J.-In this reference under s. 256(1) of the…

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