Punitive damages not allowable as Expenditure: ITAT [Read Order]

Punitive damages not allowable as expenditure, rules , ITAT
Punitive damages - Expenditure - ITAT - Punitive damages not allowable as Expenditure - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) observed that Punitive damages is  not allowable as expenditure The facts in brief were that the Assessee had filed its Return of Income on 29/09/2014, declaring a loss of Rs. 10,47,12,787/- for the year under consideration. The case underwent scrutiny, and subsequently, the assessment under…

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