Section 269SS and Section 269T

If there is a business loss of Rs.40 lakhs and violation of sec 269ss & 269t Rs.10 lakhs.Can we set off the penalty amount from business loss?
Replies (4)
Quick Summary
This discussion addresses whether a penalty incurred for violating Sections 269SS and 269T of the Income Tax Act can be offset against business losses. The consensus from the participants is a clear 'no'. It is not possible to deduct these penalties from business losses, and the penalty amount must be paid separately.

No.....................
No it's impossible
No. not possible. you have to pay in cash
No such option available in Income Tax.

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