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penalty allowed u/s 37

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(Querist)
06 May 2009 can the exp incurred for breach of terms of contract not treated as penalty and be allowed as business expenditure. please refer case laws in this respect
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
06 May 2009 Yes. it is allowed.


http://www.taxmann.net/datafolder/news/News3954.htm
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taxindiaconnect

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taxindiaconnect (Expert)
07 May 2009 Seems to be an intersting query, needs some time for reserch. Shall come back to you on this.
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