U/s 43 b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2013
Sir,
Interest U/s 36/2 of VAT Act is levied against which and appeal is pending before the commission whether such interest is to be treated as Tax for the purpose of disallowed U/s 43 B of Income Tax Act.If the same is treated as interest then will not be any dis-allowance.
Please give proper suggestion.
Interest U/s 36/2 of VAT Act is levied against which and appeal is pending before the commission whether such interest is to be treated as Tax for the purpose of disallowed U/s 43 B of Income Tax Act.If the same is treated as interest then will not be any dis-allowance.
Please give proper suggestion.
CA PARAS BAFNA
(Expert)
23 June 2013
Since the interest demand is pending in appeal, until the appeal is decided, it does not become the liability of the assessee.
.
However, if the interest liability has been recorded in the books on the basis of the AO's order, it is a kind of tax being known as "whatever" name. For the purpose of Section 43B it should be disallowed.
.
Logically, also the above treatment stands in favour of the assessee.
.
.
However, if the interest liability has been recorded in the books on the basis of the AO's order, it is a kind of tax being known as "whatever" name. For the purpose of Section 43B it should be disallowed.
.
Logically, also the above treatment stands in favour of the assessee.
.
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