https://www.taxtmi.com/caselaws?id=415625 The Tribunal dismissed the appeal, upholding that the claim for deduction under section 37(1) of the Act for interest on delayed TDS payment is not allowable. The decision was based on precedents such as Bharat Commerce & Industries Ltd. vs. CIT and CIT vs. Chennai Properties & Investment Ltd., emphasizing that interest on delayed TDS payment is not deductible as it is considered a penalty for late remittance, which would contradict the purpose of TDS regulations by rewarding defaulters. en-us Tue, 31 Aug 2021 00:00:00 +0530 Fri, 10 Dec 2021 08:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415625 The Tribunal dismissed the appeal, upholding that the claim for deduction under section 37(1) of the Act for interest on delayed TDS payment is not allowable. The decision was based on precedents such as Bharat Commerce & Industries Ltd. vs. CIT and CIT vs. Chennai Properties & Investment Ltd., emphasizing that interest on delayed TDS payment is not deductible as it is considered a penalty for late remittance, which would contradict the purpose of TDS regulations by rewarding defaulters. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415625