This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Redemption fine for infraction of law not allowable U/s 37: Bombay HC
Case Law Details
- Case Name
- Pr. CIT Vs Sushil Gupta (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Pr. CIT Vs Sushil Gupta (Bombay High Court)
Conclusion: Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee.
Held: Assessee was using import license of M/s. R Bros. which was an export house. For using the license, assessee would pay service charges equivalent to 25% of CIF value of the goods. It was pointed that the consignment of almond was imported by M/s. R and assessee had merely acted as an agent in the transaction. It was pointed out that upon confiscation of the goods, redemption fin...
