Clarification w.r.t. interest paid to state excise department
This query is : Resolved
Nakshatra Shekhar
(Querist)
06 December 2023
Is interest or late fee paid to state excise department is an allowable expenditure u/s 37 of the Income Tax Act, 1961. If so, are there any relevant case laws in favour of the assessee.
20 January 2024
Section 37(1) allows any expenditure that is not capital in nature and is incurred purposefully for the business or profession. However, the penalty paid to the legal authorities for violating the law is not allowed as a deduction
https://tax2win.in/guide/section-37-of-income-tax-act#
https://tax2win.in/guide/section-37-of-income-tax-act#
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