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Statutory impost paid as damages, penalty or interest, if compensatory in nature, is allowable as business expenditure
Case Law Details
- Case Name
- M/s M.P. Gupta Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1988- 89
- Courts
- All ITAT, ITAT Mumbai
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CA Prarthana Jalan
Hon’ble Mumbai ITAT has in the case of M/s M.P.Gupta, through LR. Shri Sushil Gupta v/s ITO has held that Statutory impost paid as damages, penalty or interest, if compensatory in nature, is allowable as business expenditure.The brief synopsis of the case is as under;-
The assessee entered into an agreement with an Export House M/s Rajnikant & Bros. As per the terms of the agreement M/s Rajnikan & Bros imported consignment of “Almonds in Shell” at Madras Port. This import was actually for one of the nominee of the assessee M/s Peanut Products of India ha...
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