Interest Expenses on Fringe Benefits Tax is ‘Penal’ in Nature, No Deduction: ITAT [Read Order]

Interest Expenses - Fringe Benefits - Tax - Deduction - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench comprising Shri Anil Chaturvedi, Accountant Member and Sh. Kul Bharat, Judicial Member has held that the interest expenses on fringe benefit tax (FBT) is penal in nature and therefore, the same cannot be treated as business expenses under the provisions of the Income Tax Act, 1961. The…

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