https://www.taxtmi.com/caselaws?id=448628 ITAT Raipur allowed the appeal regarding interest on delayed TDS deposit. The assessee argued the interest was compensatory and allowable under section 37(1), but both lower authorities failed to address the key claim that the amount was never claimed as expenditure but was a back-to-back reimbursement from member company. Since the joint venture did not claim the amount as expenditure in profit and loss account, the AO was not justified in disallowing it. The ITAT set aside the CIT(A) order and vacated the addition made by AO. en-us Wed, 22 Nov 2023 00:00:00 +0530 Thu, 25 Jan 2024 08:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448628 ITAT Raipur allowed the appeal regarding interest on delayed TDS deposit. The assessee argued the interest was compensatory and allowable under section 37(1), but both lower authorities failed to address the key claim that the amount was never claimed as expenditure but was a back-to-back reimbursement from member company. Since the joint venture did not claim the amount as expenditure in profit and loss account, the AO was not justified in disallowing it. The ITAT set aside the CIT(A) order and vacated the addition made by AO. Case-Laws Income Tax Wed, 22 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448628