Demurrage charges
This query is : Resolved
dadi mohan
(Querist)
12 October 2017
Do demurrage charges is an allowable expenditure in terms of Income Tax. As it is a penalty in nature this expenditure needs to be added back to T.I. pl comment.
K Srinivas, CMA CS
(Expert)
12 October 2017
Not allowed as this expenditure is punitive/penalizing in nature
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