Interest paid under MVAT was allowable exp. if same wasn't penal in nature: ITAT

IT : Since interest paid under section 30(2) of MVAT Act, 2002 was not penal in nature, some was to be allowed under section 37(1); however, interest paid under section 30(4) of MVAT Act, 2002 which was in addition to interest payble under section 30(2) was penal in nature and could not be allowed in view of provision of Explanation 1 to section 37(1)

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