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Can penal interest paid to rbi as an expenditure

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(Querist)
29 December 2015 Can an Assessee being a bank claim any penal interest paid to RBI for not maintaining cash reserve ratio or statutory liquidity ratio as an expenditure for the purpose of income tax calculations?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 December 2015 Yes it can be claimed as an expenditure. CIT vs Catholic Syrian Bank Ltd (2004 265 ITR 177) (KERALA)

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