Interest on late payment of tds

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Amit Bansal (Querist)
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02 September 2013 Sir,
Is interest on late payment of TDS allowed in income tax under the head profit under Business and profession

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 September 2013 No it is disallowed.

As per various judicial pronouncements,- CIT VS ASHOKA MILLS LTD (1996) (GUJ), CIT VS RAIPUR MANUFACTURING CO LTD (1996)(GUJ), BHARAT COMMERECE & INDUSTRIES LTD V CIT (1998) (SC)

"Interest paid under any provisions of income tax act, wealth tax act, fringe benefit tax, for late payment or short payment of regular tax, advance tax, selt assessement tax, TDS etc. is not deductible.."