https://www.taxtmi.com/caselaws?id=434922 The Tribunal dismissed the appeal of the assessee, upholding disallowances under sections 36(1)(va) and 37(1) of the Income Tax Act. The Tribunal found the amendments by Finance Act, 2021 to be clarificatory and retrospective, making delayed payments liable to be added to income. Additionally, the penalty amount was deemed non-admissible as an expenditure under the Act due to its punitive nature for violating the law. The decision emphasized compliance with statutory provisions and consequences of non-compliance with tax laws. en-us Thu, 12 Jan 2023 00:00:00 +0530 Tue, 07 Mar 2023 11:07:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434922 The Tribunal dismissed the appeal of the assessee, upholding disallowances under sections 36(1)(va) and 37(1) of the Income Tax Act. The Tribunal found the amendments by Finance Act, 2021 to be clarificatory and retrospective, making delayed payments liable to be added to income. Additionally, the penalty amount was deemed non-admissible as an expenditure under the Act due to its punitive nature for violating the law. The decision emphasized compliance with statutory provisions and consequences of non-compliance with tax laws. Case-Laws Income Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434922