Interest on late deposit of TDS is not allowable expenditure

Premier Irrigation Adritec (P) Ltd. Vs ACIT (ITAT Kolkata) ITAT Kolkata held that interest payment on delayed deposit of Income Tax (whether in form of TDS or otherwise) is not an allowable expenditure. Facts- The assessee has agitated the confirmation of addition of Rs.10,10,774/- made by the Assessing Officer invoking the provisions to section 43B of the Act for delay in depositing employees contribution to provident fund and employees state insurance. The assessee has agitated the confirmation of disallowance of Rs.4,99,022/- made by the Assessing Officer in respect of interest on delayed d...