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Is penalty permissible under income tax act
Hopefully CA student .
Why it's not permissible ?
Any reasons.
Day and night citizens pay penalty for breaches of Law. You are aware of that.
isn't it ?
According to the provisions of the Income-tax Act, if a person is penalised for violating a law, the penalty paid for the offence is not allowable as expenditure for the purpose of computing his income under the Income-Tax Act
Accordingly , it will not be permissible under the Income Tax act
According to the provisions of the Income-tax Act, if a person is penalized for violating a law, the penalty paid for the offence is not allowable as expenditure for the purpose of computing his income under the Income-Tax Act
Accordingly , it will not be permissible under the Income Tax act
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