Fee Paid for Late Filing of Professional Tax Return is Penal in Nature: ITAT Upholds Disallowance [Read Order]

Fee Paid for Late Filing of Professional Tax Return is Penal in Nature - ITAT Upholds Disallowance - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the disallowance as the fee paid for late filing of professional tax return was penal in nature. The assessee, Shriram Chits Maharashtra Ltd. company was into the business of chit fund. During the year under consideration, the assessee filed return of income declaring total…

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