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Income tax

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(Querist)
11 April 2016 Whether penalty paid for service tax is disallowed under section 37 if not why?
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
11 April 2016 Penalty paid under 37(1) (iii) and (iv) if payment of expenses is offence or prohibited.
Refer Aruna Mills Ltd vs CIT[1957] clear. Interest, late fees / additional fees paid in Income tax, ROC and Tds not deductible by virtue of sec 37(1)
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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Expert)
11 April 2016 Penalty is for violation of Law. So that it cannot be considered as business expense.
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