For Interest Calculation ‘month’ cannot be considered as per British calendar month: ITAT Jaipur

Ready Roti India Pvt Ltd Vs CPC-TDS/ACIT/DCIT (ITAT Jaipur) Facts – The assessee company was engaged in business of trading and manufacturing of Bakery items. It filed its return on 12.03.2022 declaring total income of Rs. 14,22,15,640/-. During the year under consideration, assessee has made payment of Rs. 15,22,68,970/- on 16.02.2021 to M/s Everfoods Asia Pvt. Ltd. on which TDS of Rs. 1,66,27,770/- was deducted but deposited on 01.07.2021. Accordingly, assessee paid interest @ 1.5% P.M. for delay of 5 months in deposition of TDS of Rs. 12,47,085/-. In course of assessment proceedings, ...