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2004 (5) TMI 16 - HC - Income Tax"1. Whether, Tribunal was right in holding that the sum paid by the assessee as penalty for late payment of sales tax was an allowable deduction? 2. On the facts and in the circumstances of the case, the Tribunal was not right in holding that the sum being the unclaimed balances written off by the assessee was not taxable?" - On examination of the facts, the Tribunal has recorded that the amount was not paid by the assessee as penalty for late payment of sales tax but it was by way of interest - Both questions are answered in favour of the assessee and against the Revenue.
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