Disallowance u/s 37(1) - penalty amount - Merely because the ...

Income Tax

December 2, 2019

Disallowance u/s 37(1) - penalty amount - Merely because the assessee categorised the claim under “penalty levied on the assessee company for not complying to the terms of the contract”, is not permissible to the jump to the conclusion that such penalty was in respect of any offence or infraction of law committed by the assessee so as to invoke the provisions under Explanation 1 to section 37 (1) of the Act.

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Disallowance u/s 37(1) - penalty amount - Merely because the ...

Income Tax

December 2, 2019

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