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of ITAT rejected the assessee's claim for deducting interest on delayed deposit of employee provident fund contributions. The tribunal held that interest on late PF deposits cannot be claimed as a business expenditure under Section 37(1). The non-obstante clause of Section 43B mandates timely payment of statutory liabilities, and employee contributions are trust monies that must be deposited within specified due dates. Explanation 1 to Section 37 prohibits deductions for legally prohibited actions. The tribunal upheld the CPC's disallowance, emphasizing the legislative intent to protect workers' social security by ensuring timely remittance of statutory dues. Appeal was decided against the assessee.
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