https://www.taxtmi.com/caselaws?id=757528 The ITAT ruled in favor of the assessee, allowing the appeal and determining that expenses related to interest and late fees on delayed GST returns, Professional Tax, and License Fee, deemed compensatory rather than penal, are deductible as business expenses under sec. 37(1) of the Act. The appeal against the addition of Rs. 14,13,154 was allowed, overturning the decisions of the AO and CIT(A). en-us Wed, 21 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757528 The ITAT ruled in favor of the assessee, allowing the appeal and determining that expenses related to interest and late fees on delayed GST returns, Professional Tax, and License Fee, deemed compensatory rather than penal, are deductible as business expenses under sec. 37(1) of the Act. The appeal against the addition of Rs. 14,13,154 was allowed, overturning the decisions of the AO and CIT(A). Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757528