Interest on Late TDS Payment Considered Damages, Not Expense; Incorrect Use of Section 37(1) Overturned.

Interest on Late TDS Payment Considered Damages, Not Expense; Incorrect Use of Section 37(1) Overturned. https://www.taxtmi.com/highlights?id=56548 Disallowance of interest paid on late payment of TDS - These are only damages thrust on the assessee for non-payment of dues to the Revenue within the stipulated period provided under the Act. Revenue Authorities has erred in invoking the provisions of section 37(1) in the case of the assessee - Claim of interest expense directed to be allowed - AT en-us Tue, 02 Feb 2021 14:51:53 +0530 Tue, 02 Feb 2021 14:51:53 +0530 TaxTMI RSS Generator Interest on Late TDS Payment Considered Damages, Not Expense; Incorrect Use of Section 37(1) Overturned. https://www.taxtmi.com/highlights?id=56548 Disallowance of interest paid on late payment of TDS - These are only damages thrust on the assessee for non-payment of dues to the Revenue within the stipulated period provided under the Act. Revenue Authorities has erred in invoking the provisions of section 37(1) in the case of the assessee - Claim of interest expense directed to be allowed - AT Highlights Income Tax Tue, 02 Feb 2021 14:51:53 +0530 https://www.taxtmi.com/highlights?id=56548