Interest paid towards late Payment of TDS is not Compensatory in Nature: ITAT confirms disallowance u/s 37(1) of Income Tax Act [Read Order]

By Sunayana Dhal - On October 2, 2023 2:30 pm - 2 mins read
Interest paid - late Payment - TDS is not Compensatory - ITAT confirms disallowance - Income Tax Act-TAXSCAN

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) confirmed the disallowances under Section 37(1) of the Income Tax Act, 1961 for the interest paid towards late payment of Tax Deducted at Source (TDS) is not compensatory in nature. The assessee is a company that filed its return of income declaring a total income of…

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