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Compensatory Demurrage & Punitive Charges Allowable as Business Expense
Case Law Details
- Case Name
- DCIT Vs Ripley & Company Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Ripley & Company Ltd. (ITAT Kolkata)
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has dismissed an appeal filed by the Deputy Commissioner of Income Tax (DCIT), Circle-7, Kolkata, against Ripley & Company Ltd. The tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], which had deleted the disallowance of demurrage and penalty charges totaling Rs. 1,80,08,417/- incurred by the assessee. The core dispute revolved around whether these charges, imposed by Steel Authority of India Ltd. (SAIL) and Central Coal Fields Ltd. (CCFL), were penal in...
