Case Law Details
Case Name : DCIT Vs M/s. Prabhudas Liladhar P. Ltd. (ITAT Mumbai)
Appeal Number : I.T.A. No. 6479/Mum/2017
Date of Judgement/Order : 16/01/2019
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Mumbai
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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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