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Income Tax - Highlights / Catch Notes

Home Highlights June 2022 Year 2022 This

Allowability of fine and penalty as per section 37 - the ‘FINE’ ...

Income Tax

June 3, 2022

Allowability of fine and penalty as per section 37 - the ‘FINE’ paid by the Assessee is allowed as expenditure u/s 37(1) the amount paid as ‘penalty’is an inadmissible expenditure and not allowable under the provisions of section 37(1) of the Act. Consequently the addition made and affirmed on account of ‘Penalty’is sustained - AT

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