Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Disallowance of payments as penal in nature - compensatory ...

Income Tax

February 4, 2021

Disallowance of payments as penal in nature - compensatory payment made by assessee/retained from the sale proceeds by monitoring committee on the directions of Supreme Court for mining and dumping outside lease area) - payment made as compensation is not hit by Explanation 1 to Section 37(1) and is an allowable expenditure - AT

View Source

 


 

You may also like:

  1. Disallowance u/s 43B – the assessee has retained the money from the suppliers on the pretext that it will make the payment to the Government - provision of section 43B...

  2. Deduction u/s 37(1) - Whether, payment of interest on delayed payment of instalments is penal in nature - Held No - It was simplicitor liability of interest on delayed...

  3. Nature of expenses – builders generally offer some amount as compensation against delay in handing over the properties - the nature of payment as compensatory and not penal - AT

  4. Deduction u/s 37(1) - Nature of payment - Whether shaman shulk paid to Excise Department is penal in nature - The amount cannot be treated to be penalty, which can be...

  5. Disallowance of payment made by the appellant to Global Vipassana Foundation - commercial expediency - in the nature of donation or expenditure - AO to determine the...

  6. Disallowance of expenditure - Payment of Privilege fees - Nature of expenditure - Exclusive privilege for wholesale trade of Indian made Foreign Liquor & Beer - claim allowed - AT

  7. Multiple cash payments are made to same party on a single day - no disallowance u/s.40A(3) - amendment in not not retrospective in nature - AT

  8. Disallowance of commission paid - the payments were made by an agent and there was no evidence to suggest that the assessee had made any illegal commission payment to...

  9. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

  10. Requirement to deduct tax on payments made for acquiring satellite rights - the payments made by assessee not being in the nature of royalty, the provisions of section...

 

Quick Updates:Latest Updates