Interest on FBT, penal in nature, disallowed

VCI Hospitality Ltd. Vs DCIT (ITAT Delhi) Interest expenses on FBT being penal in nature cannot be treated as business expenses Facts- Assessee is a company engaged in the business of hotel operations and marketing activities. Assessee filed its ROI for A.Y. 2011-12 on 30.09.2011 declaring income of Rs.80,67,320/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act order dated 31.03.2014 and the total income was determined at Rs.2,45,00,458/-. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 06.03.2017 in Ap...