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January 30, 2019
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  • Any interest paid on account of late payment of TDS is available for deduction u/s 37(1) as allowable business expense from taxable income. STUP Consultants Pvt Ltd. v/s Additional commissioner of Income Tax, Mumbai.


  • Penalty u/s.271(1)(c) –If the details of the transactions through which the income has been received, was there in the P & L Account of the assessee, which inadvertently not there in the original return of income, however, those were again filed in the revised return of the assessee, No penalty will be charged. Shri Ravindra Gopikishan Agarwal v/s The Income Tax Officer, Latur.

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