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Interest paid to MSME for delayed payment is not allowable
Case Law Details
- Case Name
- Dy. CIT (LTU) Vs. Bosch Ltd. (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08 & 2008-09
- Courts
- All ITAT, ITAT Bangalore
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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 provisions contained in any other law for the time being. We further note that as per the section 15 of the MSMED Act, the liab...
Please
Dear Sir,
If I need to pay Interest to MSME supplier, Do I need to deduct TDS?