Case Law Details
Jindal Aluminium Limited Vs DCIT (ITAT Bangalore)
We have heard rival submissions and perused the material on record. The Hon’ble Apex Court in the case of Bharat Commerce & Industry v. CIT reported in 230 ITR 733 had held that interest for late payment of direct taxes is not a deductible expenditure. In view of the clear dictum laid down by the Hon’ble Apex Court, the interest expenditure of RS.24,644 paid u/s 201(1A) of the I.T.Act cannot be allowed as a deduction. It is ordered accordingly.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
These appeals at the instance of the assessee are directed against consolidated order of the CIT(A) dated 19.11.2018. The relevant assessment years are 2013-2014, 2014-2015 and 2015-2016. Common issues are raised in these appeals, hence, they were heard together and are being disposed of by this consolidated order.
Please become a Premium member. If you are already a Premium member, login here to access the full content.