Interest paid u/s 201(1A) on late payment of TDS is penal in nature

Living Liquidz SM Trades LLP Vs Assessing Officer (ITAT Mumbai)

ITAT Mumbai held that disallowance of interest expenditure paid u/s. 201(1A) of the Income Tax Act on late payment of TDS is penal in nature and not compensatory.

Facts- The assessee has chall

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