Interest Paid on Belated Service Tax Payments is Allowable under section 37(1)

Prince Holdings Madras (P) Ltd Vs DCIT (ITAT Chennai) Interest paid on belated payments of service tax is allowable for deduction u/s 37(1) IT Act The Income Tax Appellate Tribunal, Chennai (“the ITAT”) in Prince Holdings Madras (P) Ltd v. Deputy Commissioner of Income Tax [ITA No.: 524/Chny/2021 dated November 2, 2022] held that the interest paid on belated payments of service tax is allowable for deduction under Section 37(1) of the Income Tax Act, 1961 (“the IT Act”). Facts: Prince Holdings Madras (P) Ltd (“the Appellant”) is an investment company, whose main business is to inve...