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Continue to ChatInterest payable on default in payment in case of a discounted bill of exchange not taxable under Interest Tax Act, 1974 https://www.scconline.com/blog/post/2015/11/24/interest-payable-on-default-in-payment-in-case-of-a-discounted-bill-of-exchange-not-taxable-under-interest-tax-act-1974/