Block assessment was done for a company in the month of march 2011. Income tax authority charged an amount of Rs. 10 Lacs as interest u/s 234B, 234C and 234D. The amount paid by the co shown as interest in the P/L a/c for the year ended 31.03.2011. Please suggest weather this interest amount will be allowed u/s 37 of income tax act. May i write this expenditure in clause 17 (e)(i) of form 3CD as 'expenditure by way of penalty or fine for violation of ant law for the time being in force'??
Please suggest...
CAclubindia
