Due to order of high court or tribunal, if vat of earlier year which was in dispute till now paid by the company in year 2014-15 can be claimed as an expense even though the amount of vat paid is related to year 2010-11. Further, whether interest paid on late payment of vat is allowable as an expense in year 2014-15 or not.
would like to understand allowability or non allowability under income tax act.
CAclubindia
