https://www.taxtmi.com/caselaws?id=176437 The ITAT allowed the appeal, reversing the decisions of the lower authorities, and held that interest on late payment of MVAT is an allowable deduction u/s.37(1) of MVAT Act, 2002. The judgment addressed the disallowance of interest on late payment of MVAT Act, 2002 claimed by the assessee, with the ITAT ruling in favor of the assessee based on legal precedents supporting the deduction of such interest as a business expense. en-us Fri, 08 Feb 2013 00:00:00 +0530 Tue, 22 Dec 2015 17:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176437 The ITAT allowed the appeal, reversing the decisions of the lower authorities, and held that interest on late payment of MVAT is an allowable deduction u/s.37(1) of MVAT Act, 2002. The judgment addressed the disallowance of interest on late payment of MVAT Act, 2002 claimed by the assessee, with the ITAT ruling in favor of the assessee based on legal precedents supporting the deduction of such interest as a business expense. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176437