Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2013 I want to know whther :
1. Excise duty paid.
2.Interest on Excise duty paid.
3.Compensation paid for breach of contract.
Can be claimed as allowable expenditure under PGBP.
If yes,then under which section.
If no,then which are the expenses that can be
claimed from the above three and in general list of expenses.

Plz help out.

CA Krunal

CA Krunal (Expert)
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22 April 2013 I dont understand PGBP.

Excise duty is not an expenditure - inventory would include such cost.

Other two item are allowable as expense U/s 37(1)