Is Penalty levied by High Court on the company is allowable expense as per Income Tax Act?

Abbas (Senior Officer Finance and Administration)   (53 Points)

02 March 2023  

Is Penalty levied by High Court on the company is allowable expense as per Income Tax Act?

Background: A company is fined by High Court to Pay 10 Lakh as fine for the breach of law. Will this 10 lakh be allowed expense of be disallowed and to be added in income at the time of Income Tax Computation.