https://www.taxtmi.com/caselaws?id=406279 The ITAT dismissed the appeal of the assessee, a Pvt. Ltd. company engaged in trading groceries, regarding the deduction of interest on late deposit of TDS under Section 37(1) of the Income Tax Act, 1961. The ITAT upheld the disallowance of interest on delayed TDS remittance, stating that such payment is not business expenditure and therefore not allowable under Section 37(1) as it did not meet the conditions for being wholly and exclusively for business purposes. en-us Thu, 08 Apr 2021 00:00:00 +0530 Sat, 10 Apr 2021 09:03:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406279 The ITAT dismissed the appeal of the assessee, a Pvt. Ltd. company engaged in trading groceries, regarding the deduction of interest on late deposit of TDS under Section 37(1) of the Income Tax Act, 1961. The ITAT upheld the disallowance of interest on delayed TDS remittance, stating that such payment is not business expenditure and therefore not allowable under Section 37(1) as it did not meet the conditions for being wholly and exclusively for business purposes. Case-Laws Income Tax Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406279