Business & Profession
This query is : Resolved
06 April 2011
Dear Sir/Madam,
Whether Amount payable as damages to government on account of shortfall in export target is admissable as expenditure in computing the business income
Whether Amount payable as damages to government on account of shortfall in export target is admissable as expenditure in computing the business income
06 April 2011
The payment is in relation to a breach of contract. Generally,such expenditure is allowed under section 37(1) of the Income tax Act,1961. But regarding the fixation of target,if it is related to a condition to import machinery on reduced rate of import duty or such other privileges related to a capital asset, the claim will be disallowed.
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