Held that the tax audit report stated that the assessee, while computing its taxable income, failed to disallow the interest payable which remained unpaid by the expiry of the time-limit prescribed under section\u00a0139(1)\u00a0of the Act. Thus, the disallowance under section\u00a043B(a)\u00a0of the Act was on the basis of the return and the accompanying tax audit report. Therefore, there was no infirmity with the orders of tax authorities in carrying out the disallowance through prima facie adjustment under clause\u00a0(iv)\u00a0of section\u00a0143(1)(a)\u00a0of the Act. \u00a0\u00a0That in the absence of statutory provisions, i. e., a specific entry under section\u00a043B(a), the interest liability incurred against delayed discharge of statutory liability was entitled to deduction under section\u00a037(1)\u00a0of the Act without being subject to disallowance under section\u00a043B(a)\u00a0of the Act. Consequently, the order confirming the disallowance of interest payable on Maharashtra Value Added Tax statutory liability under section\u00a043B(a)\u00a0of the Act is\u00a0 set aside, and the Assessing Officer is directed\u00a0\u00a0\u00a0 to delete the disallowance. \u00a0\u00a0That the levy of interest under sections\u00a0234A,\u00a0234B\u00a0and\u00a0234C\u00a0is\u00a0 mandatory. \u00a0(AY.2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(1) : Assessment-Intimation-Prima facie adjustments-Tax Audit report showing unpaid interest-Prima facie adjustment within jurisdiction-Interest on delayed payment of value added tax-Interest not specified for deduction on actual payment basis-Disallowance is not attracted-Interest liability against delayed discharge of statutory liability is entitled to deduction-Interest-Levy of interest is mandatory. [S. 37(1) 43B(a), 139(1), 234A, 234B, 234C, Maharashtra Value Added Tax Act, 2002 S. 30] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51402","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dn4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51402"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51402\/revisions"}],"predecessor-version":[{"id":51403,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51402\/revisions\/51403"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}