Case Law Details
Case Name : M/s M.P. Gupta Vs ITO (ITAT Mumbai)
Appeal Number : ITA No. 4239/Mum/2011
Date of Judgement/Order : 31/10/2014
Related Assessment Year : 1988- 89
Courts :
All ITAT ITAT Mumbai
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CA Prarthana Jalan
Hon’ble Mumbai ITAT has in the case of M/s M.P.Gupta, through LR. Shri Sushil Gupta v/s ITO has held that Statutory impost paid as damages, penalty or interest, if compensatory in nature, is allowable as business expenditure.The brief synopsis of the case is as under;-
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