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Deduction in p and l
Whether amount paid for violating traffic and having paid a traffic challan , be deducted under p and l under s.37?
Replies (3)
NO , NOT ALLOWED
Please can you give reference to some section for proving this.
Penalty / Fine for Traffic Violation not allowable
payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto.
payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto.
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