Can penal interest paid to rbi as an expenditure
This query is : Resolved
tabrez khan
(Querist)
29 December 2015
Can an Assessee being a bank claim any penal interest paid to RBI for not maintaining cash reserve ratio or statutory liquidity ratio as an expenditure for the purpose of income tax calculations?
CA PARAS BAFNA
(Expert)
29 December 2015
Yes it can be claimed as an expenditure. CIT vs Catholic Syrian Bank Ltd (2004 265 ITR 177) (KERALA)
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