Payment of excess sales tax along with interest on failure to furnish Form C is deductible exp.: ITAT

INCOME TAX : Where due to non-collection of Form C from buyers assessee was not found entitled to pay sales tax at concessional rate and, thus, normal rate of tax was made applicable on its transactions, differential amount of tax (normal rate minus concessional rate) subsequently deposited by assessee along with interest on such delayed payment of sales tax was not in nature of penalty for contravention of any law and same was to be allowed as deduction under section 37(1)

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