https://www.taxtmi.com/caselaws?id=776009 ITAT Kolkata allowed the assessee's claim that interest on late payment of TDS is deductible under section 37(1) as a business expense, rejecting the Revenue's reliance on section 40(a)(ii). Sales promotion expenses disallowed by the AO were restored due to lack of evidence for disallowance. The Tribunal upheld 100% depreciation on iron hoardings, overruling the Revenue's view of their enduring benefit. Prior period expenses were also allowed. The claim for deduction under section 80IA was upheld, with the Tribunal confirming the assessee's engagement in infrastructure development activities, including construction of foot over bridges and bus shelters, contrary to the Revenue's assertion that the assessee was merely an advertising firm. en-us Wed, 04 Jun 2025 00:00:00 +0530 Thu, 31 Jul 2025 18:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776009 ITAT Kolkata allowed the assessee's claim that interest on late payment of TDS is deductible under section 37(1) as a business expense, rejecting the Revenue's reliance on section 40(a)(ii). Sales promotion expenses disallowed by the AO were restored due to lack of evidence for disallowance. The Tribunal upheld 100% depreciation on iron hoardings, overruling the Revenue's view of their enduring benefit. Prior period expenses were also allowed. The claim for deduction under section 80IA was upheld, with the Tribunal confirming the assessee's engagement in infrastructure development activities, including construction of foot over bridges and bus shelters, contrary to the Revenue's assertion that the assessee was merely an advertising firm. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776009