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Penalty

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Querist : Anonymous

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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.
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CA SANKAR 9585590515

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