The tribunal examined whether a VAT-related payment claimed as a deduction was penal in nature
The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench, has clarified that penalties levied under the Value Added Tax ( VAT ) cannot be claimed as a deduction under Section 37 of the Income Tax Act, 1961. In this case, the assessee, an individual running a business in Mysuru, had filed a return of…
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