Redemption fine for infraction of law not allowable U/s 37

Pr. CIT Vs Sushil Gupta (Bombay High Court) Conclusion: Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee. Held: Assessee was using import license of M/s. R Bros. which was an export house. For using the license, assessee would pay service charges equivalent to 25% of CIF value of the goods. It was pointed that the consignment of almond was imported by M/s. R and assessee had merely acted as an agent in the transaction. It was pointed out that upon confiscation of the goods, redemption fin...