Interest paid on delayed deposit of income tax not allowable as expenditure

Apeejay Pvt Ltd Vs DCIT (ITAT Kolkata) ITAT Kolkata held that interest payment on delayed deposit of income tax, whether TDS or otherwise is not an allowable expenditure. Facts- The assessee is a private limited company engaged in the business of operating business centres and letting out. The major issues for consideration by the assessing officer were with regard to disallowance under section 14A of the Act as well as deemed dividend under section 2 (22)(e) of the Act. Another issue involved is regarding disallowance on account of interest on delay deposit of TDS and interest of delay paymen...