https://www.taxtmi.com/caselaws?id=751888 The ITAT Pune held that interest on MVAT liability is deductible under section 37(1) and not subject to disallowance under section 43B(a). The tribunal distinguished between compensatory interest for delayed compliance versus penalties for non-compliance, ruling that MVAT interest falls under the former category. While upholding the AO's jurisdiction to make prima-facie adjustments under section 143(1), the tribunal directed deletion of the disallowance, finding it contra-legem. The assessee's appeal was partly allowed. en-us Wed, 24 Apr 2024 00:00:00 +0530 Fri, 30 Aug 2024 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751888 The ITAT Pune held that interest on MVAT liability is deductible under section 37(1) and not subject to disallowance under section 43B(a). The tribunal distinguished between compensatory interest for delayed compliance versus penalties for non-compliance, ruling that MVAT interest falls under the former category. While upholding the AO's jurisdiction to make prima-facie adjustments under section 143(1), the tribunal directed deletion of the disallowance, finding it contra-legem. The assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751888