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Case Law Details

Case Name : Mangal Keshav Securities Limited Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2006-07
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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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