Interest on delayed payment of TDS not penal in nature & allowable expense

Harcharan Dass Gupta Vs DCIT (ITAT Delhi) ITAT held that the interest paid on delayed payment of TDS by the assessee u/s 201(1A) r.w.s. 206C(7) of the Act cannot be held as penal in nature and, thus, incurred out of commercial expediency and, therefore, is allowable u/s 37 of the Act. No addition for duly explained Capital introduced by partner in Partnership firm ITAT held that when the partnership assessee firm explained the source of capital introduced by one of the partners Shri Lalit Mittal and the said partner also explained the source of capital contribution during the assessment procee...