VAT Penalties cannot be allowed as Income Tax Deduction u/s 37: ITAT [Read Order]

The tribunal examined whether a VAT-related payment claimed as a deduction was penal in nature
By Manu Sharma - On November 22, 2024 5:00 pm - 2 mins read
Income Tax - ITAT - Income Tax Deduction - VAT - ITAT Bangalore - Section 37 - TAXSCAN

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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