November 2020

Explanation 1 to section 37(1): Deduction made by the buyers from the price, on account of damage / variance in the product quality does not attract Explanation 1 to section 37 (1) and same is an allowable deduction even when the assessee classified it as ‘penalty on account of non-fulfilment of contractual requirements’

Jagdish T. Punjabi | Prachi Parekh
Chartered Accountants | Devendra Jain

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