Festival Donations Allowed u/s 37(1); No 40A(ia) Disallowance Below TDS Limit; Interest Addition Upheld: ITAT Kolkata

Dakshin Damodar Cold Storage Private Limited Vs ACIT (ITAT Kolkata Festival Donations Allowable u/s 37(1) – No TDS Disallowance When Bills Below Threshold – Preliminary Expenses @1/5th Allowed – Interest Addition Sustained – ITAT Kolkata In this case, the assessee challenged various additions confirmed by CIT(A) for AY 2013-14. The ITAT partly allowed the appeal after examining each disallowance independently. The Tribunal deleted the addition towards festival donations and subscriptions, holding that payments for puja, sports or local activities made to maintain business relations are...