Punitive charges considered compensatory and deductible under Income Tax Act Section 37(1) for business operations.

Punitive charges considered compensatory and deductible under Income Tax Act Section 37(1) for business operations. https://www.taxtmi.com/highlights?id=34136 The punitive charges paid are only compensatory in nature pursuant to the contractual obligation which is directly connected or intrinsically related with the carrying on of its business which unequivocally qualifies as an allowable deduction under section 37(1) - AT en-us Tue, 04 Apr 2017 10:18:14 +0530 Tue, 04 Apr 2017 10:18:14 +0530 TaxTMI RSS Generator Punitive charges considered compensatory and deductible under Income Tax Act Section 37(1) for business operations. https://www.taxtmi.com/highlights?id=34136 The punitive charges paid are only compensatory in nature pursuant to the contractual obligation which is directly connected or intrinsically related with the carrying on of its business which unequivocally qualifies as an allowable deduction under section 37(1) - AT Highlights Income Tax Tue, 04 Apr 2017 10:18:14 +0530 https://www.taxtmi.com/highlights?id=34136