23.Interest not to be allowed as deduction from income.—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.
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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Establishment of Board.Section 4 · Removal of member from Board.Section 5 · Functions of Board.Section 6 · Powers and functions of Member-Secretary of Board.Section 7 · Classification of enterprises.Section 8 · Memorandum of micro, small and medium enterprises.India Code, Government of India. Text fetched 16 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.