11 September 2015
ASSESSEE IS IN DEFAULT OF HAWALA PURCHASE AND LIABLE TO PAY HAWALA VAT. IT PAY HAWALA VAT RS. 108190/- ALONG WITH INTEREST AND PENALTY IS ALLOWED AS BUSINESS EXPENSES? WHAT IS ITS TREATMENT
11 September 2015
Hawala vat and interest can be claimed as business expense but penalty is not allowed u/s 37. You can not take penalty paid as business expense.
CAclubindia
