Amount paid to SEBI under consent order is allowable business expense

DCIT Vs M/s. Prabhudas Liladhar P. Ltd. (ITAT Mumbai)

Conclusion: Payment made by assessee to SEBI under consent order was an allowable business expenditure under section 37(1) and the same was not in the nature of the penalty for infraction of the law.

Held: AO had levied penalty under section 271(1)(c) on the g

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