Deduction in p and l
Harshit Acharya (404 Points)
11 July 2020
Whether amount paid for violating traffic and having paid a traffic challan , be deducted under p and l under s.37?
3 Replies
Harshit Acharya
(404 Points)
Replied 11 July 2020
Please can you give reference to some section for proving this.
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 11 July 2020
Penalty / Fine for Traffic Violation not allowable
payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto.
payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto.
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