Sec 37(1)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2013
A manufacturing company paid penalty to electricity department for using electricity more than the prescribed limit for producing goods. Is that amount allowable u/s 37(1)
04 September 2013
not allowed since the nature of payment is penal and will be disallowed.
04 September 2013
its not penalty for confiscating provision of any law in India, its only Compensatory penalty and not falls under section 37
04 September 2013
the querist used the words penalty which is imposed and int is compensatory hence disallowed under income tax act.
04 September 2013
Dear Tushar please read Section 37 properly.
Its specially talks about this
Its specially talks about this
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