Penalty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2011
Whether penalty paid in a foreign country for foreign operations is also not deductible under Income Tax Act,1961.
Sorry expert. I properly word the query as follows:
A company has foreign operations. In that foreign country, penalty has been paid under the laws of that foreign country and debited to P&L A/c.
Now whether this expenses is deductible u/s 37 of the Income Tax Act, 1961 in India.
Further is there any judgement to support that it is deductible or not deductible.
I referred some books but could not get a judgement on the said matter.
If anyone can help in this regard, it will be of great use. Thanks in advance.
Sorry expert. I properly word the query as follows:
A company has foreign operations. In that foreign country, penalty has been paid under the laws of that foreign country and debited to P&L A/c.
Now whether this expenses is deductible u/s 37 of the Income Tax Act, 1961 in India.
Further is there any judgement to support that it is deductible or not deductible.
I referred some books but could not get a judgement on the said matter.
If anyone can help in this regard, it will be of great use. Thanks in advance.
28 June 2011
Yes. Still your query is vague
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