AO/CPC jurisdiction u/s 143(1) to carry out 43B(a) disallowance...

AO/CPC jurisdiction u/s 143(1) to carry out 43B(a) disallowance - The Tribunal analyzed the provisions of section 43B and relevant judicial precedents to determine the applicability of the disallowance of interest payable on statutory (tax) dues. It concluded that interest payable on delayed statutory liabilities should not be disallowed under section 43B(a) of the Act. Emphasizing the compensatory nature of interest, the Tribunal ruled in favor of the appellant, directing the deletion of the disallowance of interest under section 43B. - Additionally, the Tribunal affirmed the imposition of interest under sections 234A, 234B, and 234C, rejecting the appellant's argument against it. - In conclusion, the Tribunal partly allowed the appeal of the assessee.