Question
According to the provisions of the MSMED Act, how is the
treatment of the amount of interest payable or paid by any buyer for the purposes of computation of income under the Income-tax Act, 1961?Solution
Section 23. Interest not to be allowed as deduction from income: Notwithstanding anything contained in the Income-tax Act, 1961, the amount of interest payable or paid by any buyer, under or in accordance with the provisions of this Act, shall not, for the purposes of computation of income under the Income-tax Act, 1961, be allowed as deduction.
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