Forfeiture of bank guarantee is compensatory in nature & allowable

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL LODGING NO. 88 OF 2013 The Commissioner of Income Tax-9 Versus M/s. Regalia Apparels Pvt. Ltd. 7th March, 2013 ORDER In this appeal by the revenue for assessment year 2004-05 following question of law has been raised for our consideration. On the facts and in the circumstances of the case and in law whether the Tribunal is justified in deleting the addition made by the Assessing Officer of Rs. 40,10,437/- on account of penalty paid by the assessee to the Apparel Export Promotion Co...