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.
CA SANKAR 9585590515
(Expert)
28 June 2011
Yes. Still your query is vague
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