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| The Tax Publishers2019 TaxPub(DT) 7517 (Del-Trib) INCOME TAX ACT, 1961
Section 37(1)
Where assessee was under statutory obligation to deduct income tax at the time of credit or/and payment to payee, which it failed to do, the AO was justified in making disallowance on account of interest on TDS.
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Business expenditure - Allowability - Interest on TDS -
AO made disallowance on account of interest on TDS. Assessee submitted that it deposited such interest on TDS, which was incidental to business and compulsory to be fulfilled in terms of conditions laid down under section 194, therefore, the same would be allowable. Held: Since assessee was under statutory obligation to deduct income tax at the time of credit or/and payment to payee, which it failed to do, the AO was justified in making disallowance on account of interest on TDS.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 32(1)
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