https://www.taxtmi.com/caselaws?id=187589 Tax collected at source credited in the assessee's name under Form No. 27D could not be denied on a technical objection where the corresponding income had been assessed in its hands; the credit was treated as a statutory right and the disallowance was unsustainable. Interest paid to the Government for delayed remittance of royalty instalments was held compensatory, not penal, because it arose from the business arrangement and was supported by the records; the outgo was therefore allowable as revenue expenditure. On both issues, the additions and disallowances were deleted. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 28 Oct 2016 09:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187589 Tax collected at source credited in the assessee's name under Form No. 27D could not be denied on a technical objection where the corresponding income had been assessed in its hands; the credit was treated as a statutory right and the disallowance was unsustainable. Interest paid to the Government for delayed remittance of royalty instalments was held compensatory, not penal, because it arose from the business arrangement and was supported by the records; the outgo was therefore allowable as revenue expenditure. On both issues, the additions and disallowances were deleted. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187589