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Interest on delayed payment of vat allowable...rely soon

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(Querist)
10 September 2014 Suppose an assessee received demand from VAT authorities for the payment of interest on delayed payment of VAT.


Is this interest paid to VAT authorities allowable Expense under income Tax act.

Please reply as soon as possible.





(And for those who are answering this don't change the status of the query to closed after you answer.Let it be open so that i can get opinion from as many as possible)
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
10 September 2014 Interest paid on delay payment of VAT allowable under Income tax act because its compensation in nature.

Penalty paid not allowed as penalty charged due to violation of provision.
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