penalty allowed u/s 37
This query is : Resolved
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
06 May 2009
Yes. it is allowed.
http://www.taxmann.net/datafolder/news/News3954.htm
http://www.taxmann.net/datafolder/news/News3954.htm
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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