Tribunal held that, interest paid to income -tax department on delayed payment of Tax deduction at source is allowable as deduction, it is not personal tax . Matter was remanded for verification. (AY. 2004-05)
Mukand Ltd. v. ITO (2019) 174 ITD 605 / 198 TTJ 884 / 176 DTR 156(Mum.)(Trib.)
S. 37(1) : Business expenditure-Interest paid to income -tax department on delayed payment of Tax deduction at source is allowable as deduction, it is not personal tax. [S. 40(a)(ii)]