Interest paid-failure to submit c-form-allowable expense?
This query is : Resolved
10 September 2014
Is Interest paid to Sales Tax Department for failure to submit C-Form, an allowable expenditure for the purpose of the Income Tax Act?
Would appreciate if the experts can help with relevant case law in this regard.
Would appreciate if the experts can help with relevant case law in this regard.
10 September 2014
In my opinion interest paid to sales tax department for failure to submit C form is in the nature of penalty and hence not allowable expenditure.
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