Income form business & Profession
This query is : Resolved
CA CS Amit S. Kedia
(Querist)
31 August 2009
Sir,
I want to know whether the amount paid to excise officer for completion of assessment is allowed as a deduction while computing the income from business & Profession or not,and what,s about if amount is paid for releasing the goods from sales tax department.Plz give proper explanation............!
Thanx in Advance.
I want to know whether the amount paid to excise officer for completion of assessment is allowed as a deduction while computing the income from business & Profession or not,and what,s about if amount is paid for releasing the goods from sales tax department.Plz give proper explanation............!
Thanx in Advance.
chetan soni
(Expert)
31 August 2009
what kind of amount you paid to excise officer. If it is duty/interest then it will be allowed as expenses. If it is penalty or penal interest then it will not be allowed.
If the amount is paid to complete the assessment or to give the favorable order then it will be a clear case of bribe to officer & any illegal expenses will not be allowed.
If the amount is paid to complete the assessment or to give the favorable order then it will be a clear case of bribe to officer & any illegal expenses will not be allowed.
CA CHINTAN AJMERA
(Expert)
31 August 2009
Agree with Expert
31 August 2009
If amount is not in the nature of penalty it can be allowed
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