weather amount paid for sttlement of dispute is allowable
This query is : Resolved
mohammed arshad ali
(Querist)
22 December 2009
our company is having a debt of around 6 lakhs to nsic uder a dispute.
now the company has settled the dispute for 20 lakhs
please advise weather the extra payment made is an allowable expence as per incoem tax act.
now the company has settled the dispute for 20 lakhs
please advise weather the extra payment made is an allowable expence as per incoem tax act.
M Prabhakar Menon
(Expert)
23 December 2009
If the dispute is spread over more than one accounting year then was this fact mentioned / refered to in the auditor's report? In which case it would be easier to deal with in I Tax Assuming it is not so the relevant court order and related papers should suffice Your auditor would have to mention this in his report for that year.
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