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Late delivery penalty

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(Querist)
14 August 2012 late delivery penalty deducted by party is admissible deduction under income tax act or not.
and how can we treat as an admissible deduction.if the amount of penalty is Rs 200000 or more.
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srinath

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srinath (Expert)
14 August 2012 can you just tell about the nature of penatly in detail

To put it in simple terms, if it is not in contravention of any law, but only for agreement, then penalty paid would be allowed
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