Disallowance of Penalty

This query is : Resolved 
 

(Querist) 01 June 2011

Whether payment of penalty of Rs. 15050 under the Standard Weights & Measurement Act is to be disallowed while computing income from business? If disallowed, under which section?


CA Ankit Gulgulia (Expert) 01 June 2011

Yes It will be Disallowed u/s 37.

Refer Millenia Developers Case.



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