penalty
This query is : Resolved
09 April 2009
hello i have a case suppose an exporter enter in to a contract to supply of some export good under a contract .one of the clause of the contract is that if he fails to supply he will liable to pay some amount because of non performing of his duties whethere this amount paid is liable for tax or allow under income tax act
Ram Avtar Singh
(Expert)
09 April 2009
its a compention of contract. its allowed in income tax as a compention.
10 April 2009
it is a allowable expenditure
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