Interest paid to MSME for delayed payment is not allowable

Dy. CIT (LTU) Vs. Bosch Ltd. (ITAT Bangalore)

Section 23 of MSMED Act has specifically provided that the interest paid to the Micro, Small & Medium Enterprises on account of delayed payment is not allowable as deduction from income.

Section 23 of MSMED Act has specifically prohibited the assessee from claiming the deduction from the income on account of interest paid to MSME. Section 24 is having overriding effect to the extent of any inconsistent provis

Please become a Premium member. If you are already a Premium member, login here to access the full content.