Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 283 - AT - Income TaxEligibility to benefit of section 10(26B) - proof of promoting the interest of the members of the scheduled tribes - Held that:- In view of the above order of the Tribunal in assessee’s own case for the immediately preceding assessment years, i.e. A.Ys. 2011-2012 and 2012-2013 [2017 (8) TMI 849 - ITAT COCHIN] we hold that the assessee which is financed and established by the Government for promoting the interest of the members of the scheduled tribes living in the Lakshadweep Islands, is entitled to the benefit of section 10(26B) of the I.T. Act. - Decided in favour of assessee. Interest on delayed payment of VAT and TDS as allowable expenditure - Held that:- Interest on delayed payment of VAT and TDS is only compensatory and is not penal in nature. Therefore, the CIT(A) has correctly deleted the disallowance made for the interest expenditure claimed on delayed payment of VAT and TDS. Hence, this ground raised by the Revenue is rejected.
|