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Demurrage charges

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(Querist)
12 October 2017 Do demurrage charges is an allowable expenditure in terms of Income Tax. As it is a penalty in nature this expenditure needs to be added back to T.I. pl comment.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
12 October 2017 Not allowed as this expenditure is punitive/penalizing in nature

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