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P.F. damages that are compensatory in nature are allowable as deduction u/s. 14B
Case Law Details
- Case Name
- Ambalal Sarabhai Enterprises Ltd. Vs The ACIT/DCIT Circle-1(1)/ Circle-1(1)(1) Race Course Circle (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002-03
- Courts
- All ITAT, ITAT Ahmedabad
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Ambalal Sarabhai Enterprises Ltd. Vs The ACIT/DCIT Circle-1(1)/ Circle-1(1)(1) Race Course Circle (ITAT Ahmedabad)
ITAT Ahmedabad held that disallowance of claim of damages under section 14B of the P.F. Act not justified since 40% of damages are compensatory. Thus, held that P.F. damages that are compensatory in nature are allowed as deduction and balance 60% being penal in nature are not allowable.
Facts- The assessee-company is mainly engaged in the manufacture of drugs and pharmaceuticals, it also provides marketing and consultancy activities in respect of drugs and pharmaceuticals, fine ch...
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