https://www.taxtmi.com/caselaws?id=426110 The Tribunal allowed the deduction for employees' contributions to PF and ESI as they were paid before the due date for filing the return. It disallowed the deduction of interest on delayed payment of TDS, following the Madras High Court's precedent. The Tribunal reaffirmed that amendments to tax provisions are generally prospective and distinguished between compensatory and penal interest, with the latter not being deductible as a business expenditure. en-us Mon, 01 Aug 2022 00:00:00 +0530 Mon, 08 Aug 2022 09:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426110 The Tribunal allowed the deduction for employees' contributions to PF and ESI as they were paid before the due date for filing the return. It disallowed the deduction of interest on delayed payment of TDS, following the Madras High Court's precedent. The Tribunal reaffirmed that amendments to tax provisions are generally prospective and distinguished between compensatory and penal interest, with the latter not being deductible as a business expenditure. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426110