Case Law Details
Case Name : Manglam Arts Vs PCIT (ITAT Jaipur)
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Jaipur
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Manglam Arts Vs PCIT (ITAT Jaipur)
ITAT Jaipur held that interest paid on TDS is compensatory in nature and is a business expenditure allowable u/s 37(1) of the Income Tax Act
Facts- The assessee is engaged in the business of manufacturing and export of wooden handicrafts, durries, rugs, textile items, etc. AO completed assessment u/s. 143(3) after making addition towards litigation expense and employee’s contribution to provident fund.
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