Interest on delayed payment of vat
This query is : Resolved
18 February 2015
Respected sir,
One of the assessee is paying interest of delayed payment of VAT and debited this amount in his profit and loss account.
Now the AO want to disallow this interest at the time of assessment. Can he do so ?
Please guide….
One of the assessee is paying interest of delayed payment of VAT and debited this amount in his profit and loss account.
Now the AO want to disallow this interest at the time of assessment. Can he do so ?
Please guide….
18 February 2015
AO can't do so since such interest being a compensation for the money withheld and doesn't have the character of penalty.
Citation :- CIT Vs. H P State Forest Corporation reported in 320 ITR 170(HP).
Citation :- CIT Vs. H P State Forest Corporation reported in 320 ITR 170(HP).
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