Section 23
Interest not to be allowed as deduction from income.
The Micro, Small and Medium Enterprises Development Act, 2006
About this Act
An Act to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto.
Notwithstanding anything contained in
the Income-tax Act, 1961 (43 of 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.