No disallowance of Penalty paid for procedural non-compliances

Brief of the Case

ITAT Mumbai held in the case of Mangal Keshav Securities Limited vs. ACIT that as per the nature of business of the assessee, certain procedural non-compliance are not unusual, for which assessee is required to pay some fines or penalties. In our considered view, these routine fines or penalties are “compensatory” in nature; these are not punitive. Their levy depends upon facts and circumstances of the case, and peculiarities or complexities of the situations involved. On th

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