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Fine paid for violation of traffic rules
My client is in logistics business and so he has many trucks.. The trucks are running in different parts of the country and so there is a lot of traffic violations because of which the client is paying around rupees 3 lakhs as fine for violation of road rules and traffic rules in 13-14. As we all know find penalties are disallowed expenses under income tax act so my question is dil this expense be also disallowed under any section of the Income tax act
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Error
Find should be read as Fines
My client is in logistics business and so he has many trucks.. The trucks are running in different parts of the country and so there is a lot of traffic violations because of which the client is paying around rupees 3 lakhs as fine for violation of road rules and traffic rules in 13-14. As we all know fines and penalties are disallowed expenses under income tax act so my question is will this expense be also disallowed under any section of the Income tax act?
It would be great if you can quote some case law in support of your answer..Thank you in advance
See Sec 37,General deductions, profits & gains from Business & profession.
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