Interest & Penalties on Delayed VAT/GST Deductible u/s 37(1) ITAT Mumbai

Everest Kanto Cylinder Ltd Vs DCIT (ITAT Mumbai) The ITAT Mumbai, in the case of Everest Kanto Cylinder Ltd Vs DCIT, delivered a mixed verdict, partly allowing and partly dismissing the assessee’s appeal. The appeal centered on two key issues: the disallowance of certain business expenditures and the disallowance of a loss on the sale of assets. Regarding the first issue, the assessee claimed a total of ₹52,34,554 in various expenses, including interest on delayed payments of Value Added Tax (VAT), Central Sales Tax (CST), and Goods and Services Tax (GST), as well as interest and penal...