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Sec 37(1)

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Querist : Anonymous (Querist)
04 September 2013 A manufacturing company paid penalty to electricity department for using electricity more than the prescribed limit for producing goods. Is that amount allowable u/s 37(1)
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 September 2013 not allowed since the nature of payment is penal and will be disallowed.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
04 September 2013 its not penalty for confiscating provision of any law in India, its only Compensatory penalty and not falls under section 37

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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 September 2013 the querist used the words penalty which is imposed and int is compensatory hence disallowed under income tax act.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
04 September 2013 Dear Tushar please read Section 37 properly.

Its specially talks about this

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