Hawala
This query is : Resolved
sneha kumbhar
(Querist)
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
CA PRIYUL SHAH
(Expert)
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.
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sneha kumbhar
(Querist)
11 September 2015
CAN YOU PLEASE TELL THE SECTION UNDER WHICH ITS IS ALLOWED
CA PRIYUL SHAH
(Expert)
11 September 2015
If paid before due date of filling of return then it is allowed as per section 43B.
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