Allowing the appeal the Tribunal held that differential amount of tax and interest on delayed payment of such tax deposited by assessee due to non-collection of Form No C is held to be allowable as deduction. (AY. 2016-17)
Gem Electro Mechanicals (P.) Ltd. v. ACIT (2021) 187 ITD 361 (Jaipur)(Trib.)
S. 37(1) : Business expenditure-Delayed payment of sales tax-non collection of Form No C from buyers-Not in nature of penalty, allowable as deduction.