Delayed Payment of TCS and GST is not “Penalty”, Allowable as Deduction u/s 37 of Income Tax Act: ITAT [Read Order]

Delayed Payment - TCS - GST - Penalty - Deduction - Income Tax Act - ITAT - taxscan

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that delayed payment of Tax collection at source (TCS) and Goods and Services Tax (GST) is not a penalty and shall be allowable as a deduction under Section 37 of the Income Tax Act, 1961. The assessee is engaged in the business of manufacturing…

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