Penalty for late filing of Profession Tax Return is not allowable as business expense

DCIT Vs Shriram Chits Maharashtra Ltd (ITAT Mumbai) ITAT Mumbai held that penalty levied for late filing of Profession Tax Return is penal in nature accordingly is not allowable as business expenditure. Facts- The assessee company is into the business of chit fund. The assessee by running this chit fund business has been earning 5% of the chit fund as its commission claimed as income under the head “Foreman Commission”. AO by following A.Y. 2010-11 to 2013-14 proceeded to hold that the assessee has given understatement of income from foreman commission and computed the same at Rs.30,46,66,...