The following expense disallowed or allowed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 February 2014
IS INTEREST ON LATE PAYMENT OF SERVICE TAX ALLOWED OR DISALLOWED AS PER INCOME TAX ACT. ALSO MENTION RELEVANT SECTION OR RELATED CASE.
08 February 2014
Interest payment u/s 75 of the Finance Act, 1994 has the same character as that of the service tax.
It is compensatory in nature and cannot be held to be penal in character.
Hence it is a permissible deduction under the Income tax Act,1961.
Citation :- Messee Dusseldorf India Pvt Ltd Vs DCIT [2010] TIOL 52 ITAT 9Del).
It is compensatory in nature and cannot be held to be penal in character.
Hence it is a permissible deduction under the Income tax Act,1961.
Citation :- Messee Dusseldorf India Pvt Ltd Vs DCIT [2010] TIOL 52 ITAT 9Del).
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