![Interest paid towards late Payment of TDS is not Compensatory in Nature: ITAT confirms disallowance u/s 37(1) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Interest-paid-late-Payment-TDS-is-not-Compensatory-ITAT-confirms-disallowance-Income-Tax-Act-TAXSCAN.jpg "Interest paid towards late Payment of TDS is not Compensatory in Nature: ITAT confirms disallowance u/s 37(1) of Income Tax Act [Read Order]")
Interest paid towards late Payment of TDS is not Compensatory in Nature: ITAT confirms disallowance u/s 37(1) of Income Tax Act [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) confirmed the disallowances under Section 37(1) of the Income Tax Act, 1961 for the...
![No Disallowance u/s 36(1)(iii) of Income Tax Act towards interest paid to IDFC Bank for loan taken to Construct Hostel for Students: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Income-Tax-Act-Income-Tax-IDFC-Bank-for-loan-IDFC-Bank-Construct-Hostel-for-Students-Construct-Hostel-Students-ITAT-taxscan.jpg "No Disallowance u/s 36(1)(iii) of Income Tax Act towards interest paid to IDFC Bank for loan taken to Construct Hostel for Students: ITAT [Read Order]")
![Interest Paid on Borrowing by Assessee carrying out Business in Investing in Shares Allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Interest-Paid-Interest-Borrowing-Business-Investing-in-Shares-Business-Expenditure-ITAT-Income-Tax-Tax-Taxscan.jpg "Interest Paid on Borrowing by Assessee carrying out Business in Investing in Shares Allowable as Business Expenditure: ITAT [Read Order]")
![Interest paid to Legal Heirs of Deceased Partners cannot be Disallowed If TDS already Deducted: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Interest-Interest-paid-Legal-Heirs-Deceased-Partners-TDS-ITAT-Taxscan.jpg "Interest paid to Legal Heirs of Deceased Partners cannot be Disallowed If TDS already Deducted: ITAT [Read Order]")
![Interest Paid is allowable u/s 36(1)(iii) of Income Tax Act When Funds are Borrowed for Construction Project: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Interest-paid-Interest-Income-Tax-Act-Income-Tax-Tax-Funds-borrowed-Funds-Construction-Project-Construction-ITAT-taxscan.jpg "Interest Paid is allowable u/s 36(1)(iii) of Income Tax Act When Funds are Borrowed for Construction Project: ITAT [Read Order]")
Interest paid on Belated Payments of Service Tax is allowable for deduction u/s 37(1) Income Tax Act: ITAT [Read Order]
In a recent ruling, Chennai Bench of the Income Tax Appellate Tribunal (ITAT) presided over by a Judicial Member V. Durga Rao and an Accountant Member G. Manjunatha decided that the interest paid on...
![Interest paid on Belated Payments of Service Tax is allowable for deduction u/s 37(1) Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Interest-paid-Belated-Payments-Service-Tax-Payments-deduction-Income-Tax-Act-Income-Tax-ITAT-taxscan.jpg "Interest paid on Belated Payments of Service Tax is allowable for deduction u/s 37(1) Income Tax Act: ITAT [Read Order]")
![Interest Paid on Delayed TDS Payment is allowable as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Interest-Paid-TDS-Payment-Deduction-ITAT-TAXSCAN.jpeg "Interest Paid on Delayed TDS Payment is allowable as Deduction: ITAT [Read Order]")
Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s. 36(1)(iii): ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore held that Interest paid on convertible debentures is not interest on equity and allowable as expenditure under Section 36(1)(iii). The only...
![Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s. 36(1)(iii): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Interest-paid-convertible-debentures-interest-equity-expenditure-ITAT-taxscan.jpg "Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s. 36(1)(iii): ITAT [Read Order]")
Interest paid on Delayed Payment of TDS is Not Business Expenditure: ITAT disallows Income Tax Deduction Claim [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax deduction cannot be available for the interest paid on the delayed payment of TDS under section 201(1A) of the...
![Interest paid on Delayed Payment of TDS is Not Business Expenditure: ITAT disallows Income Tax Deduction Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Interest-paid-TDS-Business-Expenditure-ITAT-Income-Tax-Deduction-taxscan.jpeg "Interest paid on Delayed Payment of TDS is Not Business Expenditure: ITAT disallows Income Tax Deduction Claim [Read Order]")
Interest paid on Borrowed Funds utilized for Acquiring Machinery for Business allowable as Deduction: ITAT
Income Tax Appellate Tribunal (ITAT), Raipur bench consisting of Ravish Sood, Judicial Member and Jamlappa D Battull, Accountant Member held that interest expenditure incurred by assessee qua the...
Bombay HC allows Deduction on Interest Paid on amount borrowed for purpose of machinery even if machinery is not actually used in Business [Read Order]
The Bombay High Court allowed the deduction on interest paid on the amount borrowed for the purpose of machinery even if machinery is not actually used in business. The revenue has raised the...
![Bombay HC allows Deduction on Interest Paid on amount borrowed for purpose of machinery even if machinery is not actually used in Business [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/12/BOMBAY-HIGH-COURT-INTEREST-MACHINERY-TAXSCAN.jpg "Bombay HC allows Deduction on Interest Paid on amount borrowed for purpose of machinery even if machinery is not actually used in Business [Read Order]")
Interest paid during investigation should also be considered payment, under the SVLDR Scheme: Madras High Court [Read Order]
The Madras High Court held that the interest paid during the investigation should also be considered payment, under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2018. The petitioner,...
![Interest paid during investigation should also be considered payment, under the SVLDR Scheme: Madras High Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Interest-paid-investigation-payment-SVLDR-Scheme-Madras-High-Court-Taxscan.jpg "Interest paid during investigation should also be considered payment, under the SVLDR Scheme: Madras High Court [Read Order]")